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The Federal Government Overpaid By 78 Billion Dollars?

Written by | February 6th, 2009

For anyone who hasn’t yet heard this, please hold onto your seat…

More exact numbers are suppose to come out later today, however, Elizabeth Warren, who is chairing the Congressional Oversight Panel for The (TARP) Troubled Asset Relief Program Fund, says that The Treasury may have overpaid by 78 billion dollars of the 254 billion that was given to financial institutions.

The troubled assets purchased, have a total value of (approximately) 176 billion dollars.

Yes, if this is correct, that means that our government basically wasted 78 billion of our tax payer dollars.

And they want to use nearly 1 trillion more of our tax payer dollars?

I have a feeling that may “not” be a good idea.

Also, please take note of Senator Chris Dodd’s quote to the media, in the above CNN article.

Dodd told reporters,”the fact that they made a poor one doesn’t mean they can’t do it right”

I hate to break this to the senator, however, most people that loose large sums of money for their companies, generally do not last very long; or perhaps that is just the (double) standard for us “average” citizens.

This is really beyond comprehension.

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