Everything You Always Wanted to Know About TARP (But Were Afraid to Ask)

Neel Kashkari's report on the TARP funds is out, you can get it here.

Some of it may shock you:

The Troubled Asset Relief Program (“TARP”) now includes 12 separate, but often interrelated, programs involving Government and private funds of up to almost $3 trillion — roughly the equivalent of last year’s entire Federal budget.

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TARP, as originally envisioned in the fall of 2008, would have involved the purchase, management, and sale of up to $700 billion of “toxic” assets, primarily troubled mortgages and mortgage-backed securities (“MBS”). That framework was soon abandoned, however, and the program’s scope, size, and complexity have dramatically increased.