Treasury's Kashkari says taxpayers will see return from bank bailout
WASHINGTON (AP) -- The Treasury Department official overseeing the government's financial rescue fund says taxpayers will see a return from the capital the government is providing to banks around the country.
The Treasury Department has invested $150 billion so far in 53 banks.
In return, it's received preferred stock and warrants to buy additional shares in those banks.
But an Associated Press analysis finds that the warrants to purchase about 1.2 billion additional shares have so far lost about one-third of their value, or about $9 billion.
Saying "we're not day traders," the director of Treasury's Office of Financial Stability says the government isn't "looking for a return tomorrow."
Neel Kashkari says the government is investing in "very high quality institutions of all sizes" and over time, taxpayers should be protected and get money back.
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