Report: Bank of America second largest recipient of federal bailout

Rick Rothacker | Charlotte Observer

Bank of America Corp. was the second biggest recipient of federal bailout programs in the financial crisis, according to a report issued today by a congressional panel.

The U.S. government had total exposure of $336.1 billion to Bank of America through eight major programs, including the Troubled Asset Relief Program, according to the final report by the Congressional Oversight Panel. Citigroup Inc. had the largest exposure at $476.2 billion.

The tally includes $45 billion in TARP funds that Bank of America has paid back. For seven other Federal Reserve and Federal Deposit Insurance Corp. programs, the Congressional Oversight Panel counted the highest monthly amounts of loans and debt outstanding.

Morgan Stanley had the third-largest exposure ($135 billion), followed by JPMorgan Chase & Co. ($129.6 billion) and Wells Fargo & Co. ($107.2 billion).

Read the complete story at charlotteobserver.com

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