That’s how much taxpayers are still owed from the bailouts three and a half years after the money started pouring out of Washington.
That’s according to Christy Romero, the acting Special Inspector General for TARP.
Back in September of 2008, at the height of the financial crisis, Congress authorized $700 billion for the bailout of financial companies.
The good news: less than $414 billion was paid out.
The bad news: the government has only recovered $318 billion.
And it gets worse. Some bailout programs, such as efforts to help homeowners avoid foreclosure, will last another five years costing an additional $51 billion!
Now, when you hear the word TARP, Troubled Asset Relief Program, most people think of bank bailouts, and keeping those "too-big-to-fail" institutions afloat.
That was a big part of it, but that's not what's keeping us down.
According to Romero, the initial bank bailout program "morphed" into 13 other bailout programs including a massive bailout of the auto industry.
While there are hundreds of companies and organizations yet to pay back the taxpayer, GM, AIG and Ally financial have the biggest chunk of your money.
And don't expect to see it anytime soon.
Let’s start with GM: they got $49.5 billion in TARP money. As a result, we the people own about a third of the company or roughly 500 million shares.
Just to break even, forget about making a profit, just to break even the treasury would need to sell those shares at $52.39 a share - factoring in dividends and interest.
GM’s stock today is less than half that amount!
And it's been hugely volatile over the last year. In December, the stock hit a new low of $19.
Then there's good ole AIG. The insurer got about $68 billion from TARP, but according to reports, the company was actually given about $182 billion in total from both the Treasury and the Federal Reserve.
That comes out to us owning three-quarters of this company.
We’ll break even if the government can sell it's 1.5 billion shares at $28.73 a share.
But AIG has been trading well below that level for a while now.
Plus, because of the enormous amount of shares we own, flooding the market will likely drive the price even lower.
In other words, don't hold your breath.
Finally, Ally financial: once the GM financial arm called GMAC.
TARP invested more than $17 billion in this bank - again a 74% stake.
As for selling that stake, that's going to prove difficult since Ally is not publicly traded!!
This doesn't even include Chrysler or Fannie and Freddie.
Bottom line - Bank of America and the other big banks may have paid back the bailout with interest, but TARP is far from being over.
And with this President's love of big government, I expect the problem to just grow over the next few years.
It's time Washington let the free market work, and stop playing fast and loose with my money since we obviously don't have a good plan on how to get it back!