Subsidyscope

June 12, 2009 – Originally launched in January with data on the financial bailout, Subsidyscope will soon add information on subsidies in the transportation sector. The energy, health care and nonprofit sectors will follow. As the Subsidyscope site is built out, it will include more data, more analytic tools and more functionality. Today's update of the Subsidyscope site enables users to access data more quickly and search for specific terms across all content. Permalink

June 3, 2009 – The latest Treasury Department data show that nearly $1.8 billion given to financial institutions under the Troubled Asset Relief Program has been repaid to the government. Treasury is allowing the repayments because the terms of the original TARP contracts were changed by the American Recovery and Reinvestment Act. In general, institutions have cited new executive compensation limits imposed by the act and the potential stigma attached to participation in TARP as reasons for their repayments. Any TARP recipient that wishes to repay must have the approval of its regulator. Click here to read more about TARP repayments. Permalink

May 28, 2009 – Twenty-one bank failures during the first quarter of 2009 caused the Deposit Insurance Fund balance to drop from $17.3 billion to $13 billion, according to new data from the Federal Deposit Insurance Corporation. Further, 15 more banks failed since the end of the quarter, resulting in estimated charges against the fund of an additional $8.3 billion. Congress recently increased the FDIC’s line of credit from the Treasury to $100 billion to create a safety net in case the fund is exhausted. Click here to read more and access the Subsidyscope database of failed banks. Permalink

May 26, 2009 – The Federal Home Loan Banks have been an important source of funding for banks during the financial crisis. After a review of their SEC filings, Subsidyscope has found that there have been steep declines in the market value of some of their investments. This raises concerns that the banks may take substantial losses, which could increase taxpayers’ financial risk. Click here to read more. Permalink

May 7, 2009 – Subsidyscope posts an interactive map that provides a fresh perspective on the size and scope of the bailout. Mapping which communities received funds through the Troubled Asset Relief Program (TARP) can help the public track and evaluate the large sums of money injected into financial institutions across the country. Other attempts at geographic analysis, including the recent launch of the Treasury Department's Local Impact map, have largely failed to recognize the complexity of the financial industry and do not paint a complete picture of the geography of funds distributed. Subsidyscope improves upon such efforts and presents a map that illustrates the geography of bank branch locations, deposits and lending activity across the country, on a county-by-county basis. Click here to read more and view the TARP map. Permalink