Taxpayers have made about $52 billion on federal bailouts
Friday, May 09, 2014 3:19 PM
The $700 billion in federal bailouts of ailing businesses during the financial crisis has resulted in profits of nearly $52 billion, CNNMoney reported. About half of that profit came from the bailout of Fannie Mae and Freddie Mac, the two mortgage finance companies that the government took over in September 2008. As of their most recent earnings reports, the two firms' payments back to the U.S. Treasury have reached $213 billion, exceeding the combined $187.5 billion in government support by about $25 billion. Aid to banks, from giants such as Bank of America Corp. and Citigroup Inc. down to small community banks, cost the government $250.5 billion. But the sale of the stock the government got as part of the bailouts brought in a $22.3 billion profit.