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Bailout Timeline: Another Day, Another Bailout

In September 2008, the mounting subprime crisis finally burst into a full-blown financial crisis, leading to the collapse of a number of major financial institutions. In response, the Treasury Department has deployed hundreds of billions in taxpayer dollars.

To shore up the collapsing Fannie Mae and Freddie Mac, the Treasury placed them under conservatorship. Soon after, the Emergency Economic Stabilization Act of 2008 provided the Treasury Department with $700 billion to shore up the broader financial system.

Below is a chronology of major events in the bailouts' lives. It will grow longer as major events continue to occur.

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2008

March

List
Mar 14 Fed Backs Sale of Bear Stearns

The Federal Reserve announces that it will provide $30 billion in financing to support JPMorgan Chase’s acquisition of Bear Stearns.

July

List
Jul 30 Treasury Gets Authority to Rescue Fannie and Freddie

President Bush signs the Housing and Economic Recovery Act of 2008, which authorizes funds for a government rescue of Fannie Mae and Freddie Mac.

September

List
Sep 7 Government Rescues Fannie and Freddie

Fannie and Freddie are placed under the conservatorship of the Federal Housing Finance Agency. For each company, the current CEOs and board of directors are dismissed, and Treasury receives warrants for each representing 79.9 percent of the common stock. Under the terms of the rescue, the Treasury commits to invest up to $100 billion in each company to compensate for their losses.

Sep 15 Lehman Goes Under

Lehman Brothers declares bankruptcy, accelerating the deterioration of the credit markets.

Sep 15 Bank of America Gobbles Up Merrill

Bank of America announces it will buy Merrill Lynch.

Sep 16 First AIG Bailout

With AIG collapsing, the Fed bails it out with access to an $85 billion credit line.

Sep 20 Paulson Pitches TARP

Treasury Secretary Hank Paulson releases a three-page, $700 billion proposal to purchase troubled mortgage-related assets, called the Troubled Asset Relief Program.

Sep 25 WaMu Collapses

Washington Mutual collapses and is acquired by JPMorgan Chase.

Sep 29 The House Rejects TARP

The House votes down the administration's bailout proposal, which had been prepared in concert with congressional leaders.

October

8 bailouts: $115B List
Oct 1 The Senate Passes TARP

The Senate passes a revised version of the bill, stuffed with tax breaks.

Oct 3 The House Passes TARP

The House passes the bill, and the president signs the $700 billion Emergency Economic Stabilization Act into law.

Oct 8 Second AIG Bailout

The government restructures its bailout of AIG. The insurer gets access to $37.8 billion more in loans.

Oct 14 Paulson Rolls Out Bank Investments

The Treasury Department announces that it will invest up to $250 billion in the nation's banks via the Capital Purchase Program, a subcomponent of the TARP, and billed as investments in "healthy banks." Paulson announced nine major banks signed on for a total of $125 billion in investments. (More about the program here.)

Oct 3 Wells Fargo Buys Wachovia

Wachovia, rejecting a previous proposal with Citigroup, agreed to merge with Wells Fargo for $15.4 billion

November

46 bailouts: $90.3B List
Nov 10 Third AIG Bailout

The government restructures its bailout of AIG for the second time. Treasury invests $40 billion in AIG as part of the government’s now-$150 billion effort to keep AIG from collapsing.

Nov 12 Paulson Scraps Original Bailout Plan

Paulson announces that he's scrapping the plan to purchase troubled assets. The capital investments in the banks proved to be a "more powerful" means of boosting the financial system, he said.

Nov 14 Freddie Mac Asks for $13.8 Billion

Freddie Mac reports a net loss of $25.3 billion for the third quarter of 2008. To fill the hole of its losses, the Federal Housing Finance Agency requests $13.8 billion from the Treasury.

Nov 23 Citigroup Bailed Out

The Treasury announces that it will invest $20 billion more in Citigroup; this is in addition to a $25 billion investment in October through the Capital Purchase Program. The government also agrees to use up to $5 billion to help Citi absorb losses from a $301 billion pool of assets.

Nov 25 Fed and Treasury Roll Out Program to Spur Lending (TALF)

The Treasury and Fed announce the Term Asset-Backed Securities Loan Facility (TALF), a Fed program that will lend up to $200 billion to owners of highly rated asset-backed securities in order to spur consumer lending. Treasury puts up $20 billion to support the effort. (More about the program here.)

December

166 bailouts: $65.4B 1 revenue payments: $172M List
Dec 19 Auto Bailout Announced

The Treasury announces that it will make loans to General Motors and Chrysler to prevent bankruptcy. (More about the auto bailout here.)

2009

January

150 bailouts: $43.3B List
Jan 15 Senate Votes to Release Second Half of Bailout Funds

Under the Emergency Economic Stabilization Act, Congress had the power to block the release of the second half of the $700 billion funding authorized by the bill. But after promises by the incoming administration about how it would spend the money, the Senate voted to allow access to the remaining $350 billion.

Jan 16 Bank of America Bailed Out

The Treasury announces a deal with Bank of America similar to the Citi deal. It will invest $20 billion more in Bank of America; this is in addition to a $25 billion investment in October through the Capital Purchase Program. The government also agrees to help Bank of America absorb losses from a $118 billion pool of assets. That agreement, however, is never finalized.

Jan 20 Barack Obama Takes Office

Obama is inaugurated as the 44th president.

Jan 26 Geithner Takes Office

Timothy Geithner is sworn in as Secretary of the Treasury.

February

109 bailouts: $31.3B List
Feb 10 Geithner Pitches New Bailout Plan

Geithner rolls out the Financial Stability Plan. Geithner promises to perform "stress tests" on the nation's biggest banks to determine their health and the necessity of more government investments, announces that the government will form some sort of public-private partnership to buy troubled assets from the banks, says he'll commit an additional $100 billion to boost the TALF and promises the administration will soon introduce its foreclosure prevention plan.

Feb 17 Stimulus Bill Passes, Limiting Exec Bonuses

President Obama signs the American Recovery and Reinvestment Act of 2009, which includes a section limiting the bonuses of the highest earning executives at firms that received bailout money.

Feb 18 Rollout of Mortgage Rescue

The administration announces its broad plan to prevent foreclosures and promote mortgage loan modifications. (More about the program here.)

Feb 18 Treasury Ups Limit for Fannie and Freddie to $200 Billion

Geithner announces that the Treasury is increasing its funding commitment to both Fannie and Freddie from $100 billion to $200 billion.

Feb 25 Stress Tests Begin

Bank regulators begin their stress tests of the nation’s 19 largest banks and promise that they'll be finished by the end of April at the latest. Treasury officials explain that the tests will be used to determine how much more money the banks need to survive a steep economic downturn.

Feb 26 Obama Administration Makes Room for $750 Billion More

The administration's budget blueprint suggests that the Treasury Department might need as much as $750 billion more to stabilize the financial sector.

Feb 26 Fannie Mae Asks for $15.2 Billion

Fannie Mae reports a $25.2 billion loss for the fourth quarter of 2008 and losses for all of 2008 totaling $58.7 billion. To fill the holes of its losses, the Federal Housing Finance Agency requests $15.2 billion from the Treasury.

March

68 bailouts: $77.8B 5 refunds: $353,000,000 2 revenue payments: $395M List
Mar 2 Fourth AIG Bailout

The government restructures its bailout of AIG for the third time. Treasury says it might invest up to $30 billion more. Together, the Fed's and Treasury's commitments add up to $180 billion.

Mar 3 Fed Launches TALF

The Fed and Treasury announce the launch of the TALF.

Mar 4 Administration Launches Homeowner Bailout

The Treasury launches its plan to promote mortgage loan modifications and pledges to spend $75 billion on the effort.

Mar 11 Freddie Mac Asks for $30.8 Billion More

Freddie Mac reports a $23.9 billion net loss for the fourth quarter of 2008 and net losses for 2008 totaling $50.1 billion. To fill the hole of its losses, the Federal Housing Finance Agency requests $30.8 billion from the Treasury, bringing the total bailout to $44.6 billion.

Mar 15 AIG Pays Out Bonuses to Execs

AIG pays out $165 million in retention bonuses to executives who work in the business unit that was primarily responsible for sinking the company.

Mar 16 Treasury Announces Small Biz Program

The Treasury announces a program to spur credit markets for small businesses by purchasing up to $15 billion in securities backed by Small Business Administration loans. The program never gets off the ground.

Mar 19 Treasury Announces Auto Parts Program

The Treasury announces the Auto Supplier Support Program, a plan to provide up to $5 billion in financing to auto parts suppliers. (More about the program here.)

Mar 23 Treasury Announces Toxic Asset Program

Treasury Secretary Geithner rolls out the administration's plan to use government capital and financing to team with private investors to buy up toxic assets. Between $75 billion to $100 billion will be dedicated to the effort. (More about the program here.)

April

50 bailouts: $25.8B 6 refunds: $683,540,000 2 revenue payments: $995K List
Apr 20 Treasury Trims AIG Aid to Recoup Bonus Payments

AIG and the Treasury Department finalize the agreement to provide AIG up to $30 billion more, but the Treasury trims $165 million from the additional aid and charges a fee for the same amount to recoup the bonuses paid to AIG employees in March.

Apr 30 Chrysler Files for Bankruptcy Protection

Chrysler files for bankruptcy protection, and as part of the restructuring, the Treasury Department agrees to loan Chrysler up to $8 billion more. The Treasury will get an eight percent stake in the company.

May

57 bailouts: $46.7B 9 refunds: $735,320,000 565 revenue payments: $5.92B List
May 7 Federal releases the results of its stress tests

According to the results of the Federal Reserve's "stress tests," 10 of the 19 largest banks will have to raise a total of $74.6 billion in additional capital to withstand a dire economic scenario. Ultimately, all of the banks raise the money privately, with the exception of GMAC.

May 8 Fannie Mae Asks for $19 Billion More

Fannie Mae reports a $23.2 billion loss for the first quarter of 2009. To fill the holes of its losses, the Federal Housing Finance Agency requests $19 billion from the Treasury.

May 12 Freddie Mac Asks for $6.1 Billion More

Freddie Mac reports a $9.9 billion net loss for the first quarter of 2009. To fill the hole of its losses, the Federal Housing Finance Agency requests $6.1 billion from the Treasury, bringing the total bailout to $50.7 billion.

June

43 bailouts: $27.5B 12 refunds: $68,352,729,000 27 revenue payments: $2.31B List
Jun 3 Part of Toxic Asset Program Indefinitely Delayed

FDIC chief Sheila Bair announces that the banks have been so successful in raising private capital that there is no longer sufficient interest in a plan to purchase their troubled loans. The loan program comprises one-half of the Public-Private Investment Program; the other, to buy banks' asset-backed securities, is still in development.

Jun 9 Treasury Approves 10 Banks to Repay $68 Billion

The Treasury Department announces that it has approved 10 banks to repay their TARP funds. The banks are JPMorgan Chase, Goldman Sachs, Morgan Stanley, U.S. Bank, Northern Trust, Capital One, BB&T, American Express, Bank of New York Mellon, and State Street. You can see a complete list of the banks that have repaid their TARP funds here.

Jun 1 GM Files for Bankruptcy Protection

GM files for Chapter 11 bankruptcy. As part of the restructuring, the U.S. government agrees to provide the company up to $30.1 billion more. In exchange, the U.S. will receive a 60 percent stake in the company when it emerges from bankruptcy.

Jun 10 Chrysler Finalizes Deal with Fiat, Begins Operations as New Company

The new Chrysler announces that it has finalized its alliance with Fiat, and that the new company will begin operations immediately. On June 29, seven Chrysler plants resumed production. Most manufacturing operations had been idle since early May.

July

27 bailouts: $9.76B 5 refunds: $2,189,254,840 17 revenue payments: $2.58B List
Jul 8 Treasury Launches Toxic Securities Program

The Treasury names the nine asset managers who will participate in its program to buy toxic securities and says that up to $30 billion of TARP funds will be invested alongside private investors.

Jul 10 New GM Begins Operations

GM announces that its purchase of the company's good assets (and shedding of the bad) has been finalized and that it can begin operations as a new company.

Jul 30 Treasury Completes Exchange of Citigroup Shares

On July 23 and July 30, Treasury exchanged a total of $25 billion of its preferred shares in Citigroup for common stock. As a result, the Treasury owns 7.7 billion shares of Citi's common stock, a 34% stake in the company.

August

18 bailouts: $14B 3 refunds: $140,000,000 598 revenue payments: $3.03B List
Aug 6 Fannie Mae Asks for $10.7 Billion More

Fannie Mae reports a $14.8 billion billion loss for the second quarter of 2009. To fill the holes of its losses, the Federal Housing Finance Agency requests $10.7 billion from the Treasury.

September

31 bailouts: $2.74B 7 refunds: $403,938,000 17 revenue payments: $2.6B List

October

19 bailouts: $12.6B 3 refunds: $88,400,000 12 revenue payments: $609M List
Oct 22 TARP Chief for Exec Compensation Releases Findings

The Special Master for TARP Executive Compensation releases determinations on the compensation packages for the top 25 most highly paid executives at the companies that received "exceptional" assistance -- i.e. those that were bailed out in the strictest sense of the word: AIG, Bank of America, Citigroup, Chrysler, Chrysler Financial, General Motors, and GMAC.

November

18 bailouts: $18.4B 10 refunds: $368,618,000 596 revenue payments: $1.89B List
Nov 4 Fannie Mae Asks for $15 Billion More

Fannie Mae reports a $18.9 billion billion loss for the third quarter of 2009. To fill the holes of its losses, the Federal Housing Finance Agency requests $15 billion from the Treasury.

Nov 1 CIT Files for Bankruptcy, $2.3 Billion Lost

CIT files for bankruptcy protection. A $2.33 billion TARP investment is wiped out.

December

53 bailouts: $7.47B 15 refunds: $91,851,152,000 42 revenue payments: $4.44B List
Dec 1 AIG and Fed Strike Deal to Reduce AIG Debt

AIG announces that it has completed two deals that, together, shave $25 billion off its tab to the Federal Reserve Bank of New York, bringing the combined total it owes the Fed and the Treasury to about $62 billion.

Dec 23 Citigroup Returns $20 Billion

Citigroup repays $20 billion to the Treasury.

Dec 23 Citi Also Terminates its Loss-Share Agreement

Citi's $5 billion loss-share agreement with the Treasury is terminated. The Treasury still retains the common stock it received in exchanged for its $25 billion investment, so, together with the $20 billion reimbursement, the total outstanding aid falls to $25 billion from $50 billion.

Dec 9 Bank of America Repays $45 Billion

Bank of America returns all $45 billion to the Treasury.

Dec 23 Wells Fargo Returns $25 Billion

Wells Fargo returns all $25 billion.

Dec 24 Treasury Removes $400 Billion Cap on Fannie, Freddie Aid

The Treasury says that in order to preserve "the continued strength and stability of the mortgage market," it is removing the $400 billion cap ($200 billion for each) the Treasury Department placed on the aid earlier in 2009. For the next three years, the Treasury will cover Fannie and Freddie's losses, no matter how large.

2010

January

5 bailouts: $118M 7 refunds: $448,550,464 23 revenue payments: $127M List

February

2 bailouts: $16.1B 7 refunds: $7,999,465,065 584 revenue payments: $758M List

March

3 bailouts: $31M 9 refunds: $7,206,296,735 10 revenue payments: $4.54B List

April

2 bailouts: $748K 8 refunds: $6,126,668,619 30 revenue payments: $612M List

May

3 bailouts: $19B 3 refunds: $8,086,474,158 550 revenue payments: $1.75B List

June

6 bailouts: $1.52B 6 refunds: $5,445,910,825 30 revenue payments: $3.53B List

July

1 bailouts: $10.2M 3 refunds: $418,698,000 22 revenue payments: $250M List

August

10 bailouts: $3.94B 4 refunds: $142,318,000 509 revenue payments: $665M List

September

137 bailouts: $7.27B 5 refunds: $6,095,822,304 55 revenue payments: $7.26B List

October

3 refunds: $113,400,000 19 revenue payments: $53M List

November

2 bailouts: $2.6B 7 refunds: $13,727,572,090 546 revenue payments: $735M List

December

2 bailouts: $7.6M 24 refunds: $14,171,102,824 47 revenue payments: $11.1B List

2011

January

1 bailouts: $100K 7 refunds: $125,292,316 29 revenue payments: $463M List
Jan 14 AIG Repayment Plan Executed

In a complex transaction, AIG paid off its outstanding debt to the Fed with the help of the Treasury, which took a large stake in AIG as compensation.

February

2 bailouts: $3.1B 12 refunds: $5,805,111,839 503 revenue payments: $585M List

March

19 refunds: $17,448,371,348 34 revenue payments: $4.5B List

April

4 bailouts: $2.45M 9 refunds: $607,753,763 25 revenue payments: $224M List

May

2 bailouts: $8.51B 11 refunds: $11,753,847,385 483 revenue payments: $1.39B List

June

9 refunds: $456,565,590 26 revenue payments: $3.97B List

July

1 bailouts: $1.22M 40 refunds: $2,342,855,359 77 revenue payments: $730M List

August

2 bailouts: $6.57B 48 refunds: $2,867,147,097 496 revenue payments: $385M List

September

2 bailouts: $1.4M 85 refunds: $1,760,920,302 157 revenue payments: $4.23B List

October

8 refunds: $66,068,305 32 revenue payments: $108M List

November

2 bailouts: $13.8B 5 refunds: $1,188,113,765 343 revenue payments: $352M List

December

1 bailouts: $33.6M 14 refunds: $305,893,484 27 revenue payments: $4.3B List

2012

January

9 refunds: $469,910,270 24 revenue payments: $53.5M List

February

1 bailouts: $4.57B 6 refunds: $296,511,426 299 revenue payments: $414M List

March

2 bailouts: $146M 28 refunds: $16,851,830,270 28 revenue payments: $4.71B List

April

12 refunds: $3,655,251,000 38 revenue payments: $135M List

May

1 bailouts: $19M 10 refunds: $6,642,999,390 285 revenue payments: $293M List

June

1 bailouts: $18.6M 27 refunds: $1,248,865,032 33 revenue payments: $4.77B List

July

25 refunds: $1,740,364,535 58 revenue payments: $124M List

August

27 refunds: $8,762,661,153 275 revenue payments: $360M List

September

29 refunds: $23,200,288,329 38 revenue payments: $4.96B List

October

26 refunds: $2,267,044,753 17 revenue payments: $196M List

November

1 bailouts: $2.37M 50 refunds: $2,035,069,840 268 revenue payments: $661M List

December

1 bailouts: $10K 40 refunds: $10,395,244,728 70 revenue payments: $9.87B List

2013

January

1 bailouts: $100M 17 refunds: $1,703,873,782 22 revenue payments: $53.8M List

February

1 bailouts: $627K 30 refunds: $1,454,790,514 179 revenue payments: $1.53B List

March

1 bailouts: $10.3M 24 refunds: $942,816,262 34 revenue payments: $11B List

April

19 refunds: $2,247,914,669 35 revenue payments: $346M List

May

1 bailouts: $60K 12 refunds: $573,832,772 145 revenue payments: $285M List

June

1 bailouts: $11.3K 14 refunds: $1,155,636,082 48 revenue payments: $66.6B List

July

2 bailouts: $70K 15 refunds: $1,329,638,187 36 revenue payments: $119M List

August

16 refunds: $322,578,026 131 revenue payments: $246M List

September

18 refunds: $4,091,734,259 20 revenue payments: $14.7B List

October

1 bailouts: $70K 17 refunds: $86,902,058 20 revenue payments: $5.81M List

November

1 bailouts: $10K 13 refunds: $8,570,691,819 107 revenue payments: $163M List

December

2 bailouts: $70K 4 refunds: $1,222,349,687 18 revenue payments: $39.1B List

2014

January

1 bailouts: $409K 4 refunds: $3,032,015,788 6 revenue payments: $34.6M List

February

1 bailouts: $150K 10 refunds: $62,225,792 98 revenue payments: $25.8M List

March

10 refunds: $48,841,266 19 revenue payments: $17.6B List

April

19 refunds: $2,471,594,618 24 revenue payments: $20.5M List

May

2 bailouts: $250K 3 refunds: $192,391,680 82 revenue payments: $34.3M List

June

3 refunds: $11,908,000 12 revenue payments: $10.2B List

July

1 bailouts: $10K 14 refunds: $1,013,080,800 16 revenue payments: $50.3M List

August

1 bailouts: $7.6M 1 refunds: $22,500,000 77 revenue payments: $23.8M List

September

1 bailouts: $10K 2 refunds: $221,052,700 6 revenue payments: $5.62B List

October

3 refunds: $16,778,338 3 revenue payments: $17.4M List