In 2013, year to date, Treasury has received additional income of $1.5 billion from the PPIFs. As a result, Treasury has now
fully recovered its original investment of $18.6 billion in the PPIP program – plus a positive return to date of $111 million.
Future debt, equity and interest payments will provide an additional positive return for taxpayers.
http://www.treasury.gov/initiatives/financial-stability/reports/Documents/PPIP%20Report%20-20130130.
pdf

Here’s Black, and the “crap” he refers to is my comment here that his analysis didn’t make any sense.

The issue isn’t that they’re worthless, the issue is that they aren’t worth nearly as much as the financial institutions are pretending they’re worth. Sellers have a huge incentive to not sell at lower prices because lower prices will potentially reveal that they’re insolvent/essentially bankrupt. As for this comment (crap, heading into Someone On The Internet Is Wrong territory), the reason that the big players can make money while the gov’t loses money is because of the no recourse loans, and the asymmetric upside/downside of the Geithner plan. They’re buying shitpile mostly with gov’t loans, and if there’s money to be made they and the gov’t benefit. But if the asset is shit, they don’t have to pay back the loan, just hand over the asset. All this encourages institutions to overpay, so we get to pretend shitpile isn’t so shitty until the gov’t eats the losses. – See more at: http://www.boomantribune.com/?op=displaystory;sid=2010/1/5/11916/80154#sthash.Ti5SFS20.dpuf

Thanks god that the progressive media is not made up, like the old media, of a bunch of touchy prima-donas who can never admit error.

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