[Congressional Record Volume 155, Number 26 (Monday, February 9, 2009)]
[House]
[Pages H1047-H1048]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          FEDERAL GOVERNMENT BAILOUTS ALREADY LOST 30 PERCENT

  (Ms. FOXX asked and was given permission to address the House for 1 
minute.)
  Ms. FOXX. Madam Speaker, last week the bailout watchdog set up by 
Congress to conduct oversight on the $700 billion megabank bailout 
concluded that the government had already overpaid the banks by nearly 
$80 billion, and only half the money has been spent.
  According to an investigation by the bailout oversight committee, the 
Treasury paid $254 billion for assets that are worth about $176 
billion. That's a loss of $78 billion right off the bat.
  The investigation concluded that it was likely that the Federal 
Government might not have driven as hard a bargain as the private 
sector would have. Fancy that.
  Next time someone tries to sell the idea that government bailouts are 
``good investments,'' just remember that the Treasury Department lost 
30 percent on its so-called investments in just three short months.

[[Page H1048]]



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