Treasury’s Massad Calls TARP Best Bipartisanship Example

The U.S. Treasury official who oversees the Troubled Asset Relief Program called the bailout program “perhaps the best recent example of effective, bipartisan government.”

TARP’s greatest legacy may be that “government rose to the occasion” when faced with “the potential collapse of our entire financial system,” Tim Massad, the Treasury Department’s assistant secretary for financial stability, said today in a speech in Washington marking the program’s fifth anniversary.

About $421 billion was disbursed through TARP, and the Treasury has received $405 billion as of Sept. 27, according to data on the department’s website.

To contact the reporter on this story: Ian Katz in Washington at ikatz2@bloomberg.net

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net

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