Living Nicely Off the Crumbs of TARPBy
Big banks weren't the only ones to benefit from the financial bailout. The $700 billion program relies on private companies for services ranging from auditing to paper shredding. Some contractors reaped millions for their work. All told, the government has 96 agreements with vendors worth $436.7 million, says the congressional overseer for the Troubled Asset Relief Program. The largest amounts went to home-financing giants Fannie Mae and Freddie Mac to administer and monitor Treasury's mortgage modification program. Treasury signed 35 contracts for legal services. Cadwalader, Wickersham & Taft got the most at $19 million.
Fannie Mae: $111.3 million
For administering Treasury's mortgage modification program
Freddie Mac: $79.3 million
For making sure loan servicers comply with the program
Bank of New York Mellon: $23.8 million
For acting as the custodian bank for the securities acquired by TARP
Pricewaterhouse Coopers: $23.5 million
Mostly for creating the bailout program's internal controls
Alliance-Bernstein: $21.2 million
For asset management services related to TARP investments
Cadwalader, Wickersham & Taft: $19 million
For legal services related to the auto bailout
Data: Treasury Dept.