1 

UNITED STATES DEPARTMENT OF THE TREASURY 

INITIAL SECTION 105(a) TROUBLED ASSET RELIEF PROGRAM 

REPORT TO CONGRESS 

FOR THE PERIOD OF 

OCTOBER 6, 2008 TO NOVEMBER 30, 2008 

I. OVERVIEW 

The goals of the Troubled Asset Relief Program (TARP) are to restore stability in the 

U.S. financial system and to facilitate continued access to credit by creditworthy 

households and businesses. Treasury has taken a number of actions to meet these goals. 

The Department created and committed TARP funding toward the Capital Purchase 

Program (CPP) and the program to support Systemically Significant Failing Institutions 

(SSFI). In addition, Treasury has announced a commitment of TARP funding to two 

other initiatives, the Term Asset-Backed Securities Loan Facility and a government 

financial assistance package addressing Citigroup. Taken together, these programs 

constitute an allocation of $335 billion of TARP funding and are part of a coordinated 

effort with the Federal Reserve, the Federal Deposit Insurance Corporation, the Federal 

Housing Finance Agency, and other financial regulatory agencies to promote financial 

stability and unlock frozen credit markets. 

The current financial turmoil is unprecedented in its breadth and effect on the 

performance of global financial markets. In response, governments and central banks in 

a number of countries have introduced programs to stabilize financial markets. Although 

the TARP has been underway for only a matter of weeks, this program, along with 

actions taken to improve liquidity, appear to have helped to restore greater confidence in 

financial institutions. Prior to the announcement of the CPP and the associated actions by 

the Federal Reserve and FDIC, financial markets were at a tipping point. Credit markets 

were largely frozen, and investor confidence was dangerously low. Had these conditions 

been allowed to persist, the turmoil in financial markets would have intensified with very 

serious spillovers on economic activity, employment, and incomes. 

Treasury’s plan to inject $250 billion of capital into the financial system through the 

CPP, along with other initiatives, has helped to stabilize conditions. Capital purchases 

are quite powerful in terms of the impact per dollar of investment. More capital enables 

institutions to take losses as they write down or sell troubled assets. And stronger 

capitalization also supports lending, which is essential to economic recovery. This 

backstop of capital for financial institutions stemmed the tide of falling investor 

confidence and facilitated credit flows. As metrics of this improvement, interest rate 

spreads declined significantly from highly elevated levels, and the prices of credit default 

swaps moved lower. Although financial conditions remain far from normal and many 

challenges remain, greater confidence in financial markets and financial institutions will 

contribute importantly to the recovery process. 
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II. REPORTING REQUIREMENTS 

This Initial Section 105(a) Troubled Asset Relief Program Report to Congress (Initial 

TARP Report) is the first report under section 105(a) of the Emergency Economic 

Stabilization Act of 2008 (EESA). This Initial TARP Report is in satisfaction of the 

requirement to report to Congress before the expiration of the 60-day period beginning on 

the date of the first exercise of the authority granted in section 101(a) of the EESA. 

Secretary Paulson first exercised this authority on October 6, 2008, with the designation 

of Neel Kashkari as the Interim Assistant Secretary for Financial Stability. For the 

purposes of this Initial TARP Report, the reporting period ended on November 30, 2008, 

and covers the period of operation of the Office of Financial Stability and the TARP 

program since enactment. 

The Initial TARP Report addresses the following three areas required by EESA section 

105(a): 

• An overview of actions taken by the Secretary, including the considerations 

required by section 103 and the efforts under section 109. 

• The actual obligation and expenditure of the funds provided for administrative 

expenses by section 118. 

• A detailed financial statement with respect to the exercise of authority, including 

1. all agreements made or renewed; 

2. all insurance contracts entered into pursuant to section 102; 

3. all transactions occurring during the initial 60-day period, including the 

types of parties involved; 

4. the nature of the assets purchased; 

5. all projected costs and liabilities; 

6. operating expenses, including compensation for financial agents; 

7. the valuation or pricing method used for each transaction; and 

8. a description of the vehicles established to exercise such authority. 

III. INDIVIDUAL PROGRAMS AND INITIATIVES 

The Capital Purchase Program

Under the voluntary Capital Purchase Program (CPP), the Treasury is purchasing senior 

preferred shares from qualified financial institutions. In accordance with the 

considerations of the EESA, a broad spectrum of institutions is eligible for the program: 

U.S. controlled banks, savings associations, and certain bank and savings and loan 

holding companies. To protect the interests of the taxpayer, only viable institutions are 

accepted into the program. A recommendation on acceptance is received from the 

institution’s primary federal regulator or, in some cases, from a council of representatives 

from each federal regulator; the Treasury is responsible for final approval. 
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The minimum subscription amount is one percent of the institution’s risk-weighted 

assets; the maximum subscription amount is 3 percent of risk-weighted assets (up to a 

maximum of $25 billion). Standardized terms have been developed for institutions that 

are organized as publicly traded and privately held institutions; terms applicable to S 

corporations and mutual organizations are still under consideration. The standardized 

terms impose restrictions on executive compensation and corporate governance and 

include provisions (such as the issuance of warrants) that will enable the taxpayer to 

benefit from the future profitability of the firm. 

As of November 30, 2008, Treasury has purchased $151.5 billion in senior preferred 

shares from 52 financial institutions. 

Complete details about the Capital Purchase Program are available on the Treasury 

website at: http://www.treas.gov/initiatives/eesa/. 

Systemically Significant Failing Institutions Program

The Systemically Significant Failing Institution Program (SSFI) is intended to provide 

stability and prevent disruptions to financial markets from the failure of a systemically 

significant institution. In an environment of substantially reduced confidence, severe 

strains, and high volatility in financial markets, the disorderly failure of a systemically 

significant institution could call into question the financial strength of other similarly 

situated financial institutions, disrupt financial markets, raise borrowing costs for 

households and businesses, and reduce household wealth. The resulting financial strains 

could threaten the viability of otherwise financially sound businesses, institutions, and 

municipalities, resulting in adverse spillovers on employment, output, and income. 

The Treasury will determine the eligibility of participants on a case-by-case basis. In 

determining whether an institution is systemically significant and at substantial risk of 

failure, Treasury may consider, among other things: 

1. The extent to which the failure of an institution could threaten the viability of its 

creditors and counterparties because of their direct exposures to the institution; 

2. The number and size of financial institutions that are seen by investors or 

counterparties as similarly situated to the failing institution, or that would 

otherwise be likely to experience indirect contagion effects from the failure of the 

institution; 

3. Whether the institution is sufficiently important to the nation’s financial and 

economic system that a disorderly failure would, with a high probability, cause 

major disruptions to credit markets or payments and settlement systems, seriously 

destabilize key asset prices, significantly increase uncertainty or losses of 

confidence thereby materially weakening overall economic performance; or 

4. The extent and probability of the institution’s ability to access alternative sources

of capital and liquidity, whether from the private sector or other sources of 

government funds.
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Treasury will determine the form, terms, and conditions of any investment made pursuant to 

this program on a case-by-case basis. Treasury may invest in any financial instrument, 

including debt, equity, or warrants, that the Secretary determines to be a troubled asset, 

after consultation with the Chairman of the Board of Governors of the Federal Reserve 

System and notice to Congress. Treasury will require any institution participating in this 

program to provide Treasury with warrants or alternative consideration, as necessary, to 

minimize the long-term costs and maximize the benefits to the taxpayers in accordance 

with EESA. A participating institution also must comply with restrictions on executive 

compensation and corporate governance. 

The purchase of $40 billion of senior preferred stock in the American International Group 

(AIG) under the terms of the SSFI Program was announced on November 10, 2008 and 

completed on November 25, 2008. This purchase will allow the Federal Reserve to 

reduce the total amount available under the credit facility established in September--

before TARP resource were available--from $85 billion to $60 billion and to restructure 

the terms and conditions associated with that facility. The Federal Reserve also will 

establish two additional lending facilities to alleviate capital and liquidity pressures on 

AIG associated with its portfolio of residential mortgage-backed securities and with 

multi-sector collateralized debt obligations on which AIG has written credit default 

swaps. This restructuring will improve the ability of AIG to execute its asset disposition 

plan in an orderly manner and protect the interests of the U.S. government and taxpayers. 

AIG must comply with the executive compensation and corporate governance 

requirements required under EESA, and Treasury is also requiring golden parachute 

limitations and a freeze on the size of the annual bonus pool for the top category of 

company executives (approximately 60 people). Additionally, AIG must continue to 

maintain and enforce newly adopted restrictions put in place by the new management on 

corporate expenses and lobbying as well as corporate governance requirements, including 

formation of a risk management committee under the board of directors. 

The complete details of the agreement are available at: 

http://www.treas.gov/press/releases/reports/111008aigtermsheet.pdf. 

Other Initiatives:

Term Asset-Backed Securities Loan Facility

The Treasury will provide $20 billion from the TARP to fund the Federal Reserve’s $200 

billion Term Asset-Backed Securities Loan Facility (TALF). This facility will help 

market participants meet the credit needs of households and small businesses by 

supporting the issuance of asset-backed securities (ABS) collateralized by student loans, 

auto loans, credit card loans, and loans guaranteed by the Small Business Administration. 

The TALF is expected to begin operation early in 2009. 

Credit market stresses led to a steep decline in the issuance of ABS for these types of 

loans in the third quarter of 2008, and the market essentially came to a halt in October. 

At the same time, higher risk premiums drove interest rate spreads on AAA-rated 
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tranches of ABS to levels well outside the range of historical experience. The purpose of 

the TALF is to increase credit availability by stimulating the issuance of consumer and 

small business ABS at more normal interest rate spreads. 

Under the initial terms and conditions announced for the TALF, the Federal Reserve will 

lend on a non-recourse basis to holders of certain AAA-rated ABS fully secured by newly 

and recently originated consumer and small business loans. TALF loans will have a oneyear term and will be secured by eligible collateral. Haircuts (a percentage reduction 

used for collateral valuation) will be determined based on the price volatility of the class 

of eligible collateral and will provide additional protection to the taxpayers by protecting 

the government from loss. Treasury will purchase up to $20 billion of subordinated debt 

backed by the collateral received, which will be priced at the loan value plus accrued 

interest. The TARP CPP guidelines on executive compensation will be applied to the 

originators of the credit exposures underlying the ABS. 

Citigroup Financial Assistance Package

On November 23, 2008 the Treasury, the Federal Reserve and the FDIC announced an 

agreement with Citigroup to provide a package of guarantees and access to capital. The 

Treasury will invest an additional $20 billion in TARP funds in Citigroup. (Treasury first 

invested $25 billion in Citigroup through the CPP on October 28, 2008.) This investment 

will take the form of purchases of preferred shares, paying an 8 percent cumulative 

dividend rate. The investment will be priced at par. Citigroup is prohibited from paying 

common stock dividends in excess of $0.01 per share for three years without the consent 

of the Treasury. Citigroup also will comply with enhanced executive compensation 

restrictions and implement the FDIC’s mortgage modification program. 

In addition, the Treasury, Federal Reserve, and the FDIC will provide protection against 

the possibility of large losses on an asset pool of approximately $306 billion of loans and 

securities backed by residential and commercial real estate. These assets will remain on 

Citigroup’s balance sheet. The guarantee is in place for 10 years for residential assets 

and 5 years for non-residential assets. The following loss sharing protocol will apply: 

Citigroup will absorb the first $29 billion in losses (the “first loss”); losses over $29 

billion are shared by the U.S. government (90 percent) and Citigroup (10 percent). 

TARP absorbs the second loss up to $5 billion, the FDIC absorbs the third loss up to $10 

billion, and the Federal Reserve funds any residual loss through a non-recourse loan. 

As a fee for this guarantee, Citigroup will issue $7 billion of preferred stock with an 8 

percent dividend rate; $4 billion will be issued to TARP and $3 billion to the FDIC. 

IV. TARP ADMINISTRATIVE ACTIONS 

At the same time that the TARP policies were being established, Treasury made 

significant efforts to build the administrative infrastructure to support them. The Office 

of Financial Stability needed to (1) bring on staff immediately to fill key positions, and 
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(2) contract with a variety of private-sector companies to supply critical financial, legal, 

and accounting services. 

Recruitment

The Office of Financial Stability moved rapidly to bring on board seasoned, financial 

veterans from across the government to launch the TARP. The first step was to obtain 

interim leaders for the TARP team: the Chief Operating Officer, the Chief Investment 

Officer, the Chief Financial Officer, the Chief Compliance Officer, the Chief Risk 

Officer, the Chief Counsel, the Chief of Home Ownership Preservation, and the Director 

of the Capital Purchase Program; they, in turn, have recruited temporary staff from other 

government agencies. These interim officials are charged with (1) setting up the office; 

(2) hiring permanent staff; (3) organizing each TARP subprogram; and (4) hiring their 

permanent successors. 

Key staff members from the office of Financial Stability have consulted with the 

transition team of the incoming administration and will work closely with those officials 

in the development of the program. 

Procurement

In order to protect the taxpayers, the Office of Financial Stability has sought the very best 

in private sector expertise to assist in the execution of the program. To the extent 

possible, this competition for TARP contracts and financial agency agreements has been 

open to small businesses, veteran-owned businesses, and minority- and women-owned 

businesses. Interim guidelines also have been established to assist in managing and 

mitigating potential conflicts of interest. 

The TARP has established procurement processes to ensure that selections are fair and in 

the best interest of the taxpayers. In many cases, expert review panels, comprised of 

Treasury employees, employees of other federal agencies and expert consultants review 

submissions and make recommendations regarding the quality of the proposals. The 

review committees make recommendations that lead to a final Treasury decision. 

The Treasury has given the General Accountability Office (GAO) full access to TARP 

procurement records. As stated in the December 2, 2008 report to Congress, the GAO 

has reviewed the financial agency agreement and the contracts that Treasury awarded 

between October 3, 2008 and November 25, 2008. GAO also examined Treasury’s 

procurement strategy, solicitations, and other agency documents related to those 

agreements and contracts. 

Compliance Guidelines and Reports

To assist in complying with the requirements of the EESA, interim guidelines on the 

mitigation of conflicts of interest (COI) were published on Treasury’s web site in early 

October. These interim guidelines rely on the certification by firms soliciting business 
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from the TARP that they have disclosed all conflicts of interest and have specific plans 

for mitigating these identified COIs. The extent of these COIs and the effectiveness of 

firms’ mitigation were carefully reviewed by the Treasury before the contracts cited 

above were signed. Final conflict of interest guidelines will be issued as soon as 

possible. The TARP Chief Compliance Officer will be responsible for making certain 

that firms comply with agreed upon mitigation procedures. 

The EESA imposes strict rules on executive compensation and corporate governance for 

an institution that sells troubled assets to the Treasury. Guidance for firms participating 

in the Capital Purchase Program on complying with these requirements was published in 

Treasury Notice 2008-TAAP. Additional restrictions on executive compensation and 

corporate governance were added for institutions covered by the Systemically Significant 

Failing Institutions Program and were published in Treasury Notice 2008-PSSFI. These 

notices all are available at:

http://www.treas.gov/initiatives/eesa/executivecompensation.shtml. 

In compliance with the reporting requirements of the EESA, Treasury has published 4 

“transaction” reports and 3 “tranche” reports. Transaction reports provide the key facts 

of a transaction (the name of institution, the asset purchased, the price paid, and the 

pricing mechanism) and are issued within 2 business days after the transaction. Tranche 

reports are published 7 days after the date that cumulative TARP transactions surpass 

intervals of $50 billion. As required by EESA, tranche reports discuss the details of 

transactions by program, offer an assessment of the impact of the programs, and outline 

the challenges still facing the financial system. All of these reports are available on the 

Treasury website at: http://www.treas.gov/initiatives/eesa/. 
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V. TARP ADMINISTRATIVE EXPENSES 

Budget

Object Class Budget Object Class Title Obligations Expenditures

Proje

Obliga

PERSONNEL SERVICES 1100 & 1200 PERSONNEL COMPENSATION & BENEFITS $19,747 $19,747 $

PERSONNEL SERVICES Total: $19,747 $19,747 $

2100 TRAVEL & TRANSPORTATION OF PERSONS 6,640 4,210 

 

2200 TRANSPORTATION OF THINGS - - 

 

2300 RENTS, COMMUNICATIONS, UTILITIES & MISC CHARGES 84,238 84,238 

 

2400 PRINTING & REPRODUCTION - - 

 

2500 OTHER SERVICES 6,386,336 1,336,116 13

 

2600 SUPPLIES AND MATERIALS 2,328 2,285 

 

3100 EQUIPMENT - 

 

NON-PERSONNEL SERVICES Total: $6,479,543 $1,426,850 $13

GRAND TOTAL: $6,499,290 $1,446,598 $13,

For Period Ending 

United States Department of Treasury

Office of Financial Stability

Report of Administrative Obligations and Expenditures

November 30, 2008 

NON-PERSONNEL SERVICES
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VI. DETAILED FINANCIAL STATEMENTS 

U.S. Treasury Department

Office of Financial Stability

Troubled Asset Relief Program

Agreements Under TARP [Section 105(a)(3)(A)]

For Period Ending November 30, 2008

Type of Type of 

Types of Services Transaction Agreement Contractor

Investment and Advisory Services BPA New EnnisKnupp

Custodian and Cash Mangement Financial Agent New Bank of New York Mellon

Internal Control Services BPA New PriceWaterhouse Coopers

Accounting Services BPA New Ernst & Young

Human Resources Services Contract New Lindholm and Associates

Legal Services BPA New Multiple Firms

U.S. Treasury Department

Office of Financial Stability

Troubled Asset Relief Program

Insurance Contracts [Section 105(a)(3((B)]

For Period Ending November 30, 2008

Name Amount

None

 

Treasury interprets this reporting requirement as applicable

to cost and liabilities related to insurance contracts entered

into under the provisions of Section 102 of EESA. No such

contracts have been entered into to date.
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U.S. Treasury Department

Office of Financial Stability

Troubled Asset Relief Program

Transactions Report (Section 105 (3) (C, D, G)

For Period Ending November 30, 2008

CAPITAL PURCHASE PROGRAM

Seller

Date Name of Institution City State Transaction Type Description Price Paid

Pricing

Mechanism

10/28/2008 Bank of America Corporation Charlotte NC Purchase Preferred Stock w/Warrants $15,000,000,000 Par

10/28/2008 Bank of New York Mellon Corporation New York NY Purchase Preferred Stock w/Warrants $3,000,000,000 Par

10/28/2008 Citigroup Inc. New York NY Purchase Preferred Stock w/Warrants $25,000,000,000 Par

10/28/2008 The Goldman Sachs Group, Inc. New York NY Purchase Preferred Stock w/Warrants $10,000,000,000 Par

10/28/2008 JPMorgan Chase & Co. New York NY Purchase Preferred Stock w/Warrants $25,000,000,000 Par

10/28/2008 Morgan Stanley New York NY Purchase Preferred Stock w/Warrants $10,000,000,000 Par

10/28/2008 State Street Corporation Boston MA Purchase Preferred Stock w/Warrants $2,000,000,000 Par

10/28/2008 Wells Fargo & Company San Francisco CA Purchase Preferred Stock w/Warrants $25,000,000,000 Par

1/       10/28/2008 Merrill Lynch & Co., Inc. New York NY Purchase Preferred Stock w/Warrants $10,000,000,000 Par

11/14/2008 Bank of Commerce Holdings Redding CA Purchase Preferred Stock w/Warrants $17,000,000 Par

11/14/2008 1st FS Corporation Hendersonville NC Purchase Preferred Stock w/Warrants $16,369,000 Par

11/14/2008 UCBH Holdings, Inc. San Francisco CA Purchase Preferred Stock w/Warrants $298,737,000 Par

11/14/2008 Northern Trust Corporation Chicago IL Purchase Preferred Stock w/Warrants $1,576,000,000 Par

11/14/2008 SunTrust Banks, Inc. Atlanta GA Purchase Preferred Stock w/Warrants $3,500,000,000 Par

11/14/2008 Broadway Financial Corporation Los Angeles CA Purchase Preferred Stock w/Warrants $9,000,000 Par

11/14/2008 Washington Federal Inc. Seattle WA Purchase Preferred Stock w/Warrants $200,000,000 Par

11/14/2008 BB&T Corp. Winston‐Salem NC Purchase Preferred Stock w/Warrants $3,133,640,000 Par

11/14/2008 Provident Bancshares Corp. Baltimore MD Purchase Preferred Stock w/Warrants $151,500,000 Par

11/14/2008 Umpqua Holdings Corp. Portland OR Purchase Preferred Stock w/Warrants $214,181,000 Par

11/14/2008 Comerica Inc. Dallas TX Purchase Preferred Stock w/Warrants $2,250,000,000 Par

11/14/2008 Regions Financial Corp. Birmingham AL Purchase Preferred Stock w/Warrants $3,500,000,000 Par

11/14/2008 Capital One Financial Corporation McLean VA Purchase Preferred Stock w/Warrants $3,555,199,000 Par

11/14/2008 First Horizon National Corporation Memphis TN Purchase Preferred Stock w/Warrants $866,540,000 Par

11/14/2008 Huntington Bancshares Columbus OH Purchase Preferred Stock w/Warrants $1,398,071,000 Par

11/14/2008 KeyCorp Cleveland OH Purchase Preferred Stock w/Warrants $2,500,000,000 Par

11/14/2008 Valley National Bancorp Wayne NJ Purchase Preferred Stock w/Warrants $300,000,000 Par

11/14/2008 Zions Bancorporation Salt Lake City UT Purchase Preferred Stock w/Warrants $1,400,000,000 Par

11/14/2008 Marshall & Ilsley Corporation Milwaukee WI Purchase Preferred Stock w/Warrants $1,715,000,000 Par

11/14/2008 U.S. Bancorp Minneapolis MN Purchase Preferred Stock w/Warrants $6,599,000,000 Par

11/14/2008 TCF Financial Corporation Wayzata MN Purchase Preferred Stock w/Warrants $361,172,000 Par

11/21/2008 First Niagara Financial Group Lockport NY Purchase Preferred Stock w/Warrants $184,011,000 Par

11/21/2008 HF Financial Corp. Sioux Falls SD Purchase Preferred Stock w/Warrants $25,000,000 Par

11/21/2008 Centerstate Banks of Florida Inc. Davenport FL Purchase Preferred Stock w/Warrants $27,875,000 Par

11/21/2008 City National Corporation Beverly Hills CA Purchase Preferred Stock w/Warrants $400,000,000 Par

11/21/2008 First Community Bankshares Inc. Bluefield VA Purchase Preferred Stock w/Warrants $41,500,000 Par

11/21/2008 Western Alliance Bancorporation Las Vegas NV Purchase Preferred Stock w/Warrants $140,000,000 Par

11/21/2008 Webster Financial Corporation Waterbury CT Purchase Preferred Stock w/Warrants $400,000,000 Par

11/21/2008 Pacific Capital Bancorp Santa Barbara CA Purchase Preferred Stock w/Warrants $180,634,000 Par

11/21/2008 Heritage Commerce Corp. San Jose CA Purchase Preferred Stock w/Warrants $40,000,000 Par

11/21/2008 Ameris Bancorp Moultrie GA Purchase Preferred Stock w/Warrants $52,000,000 Par

11/21/2008 Porter Bancorp Inc. Louisville KY Purchase Preferred Stock w/Warrants $35,000,000 Par

11/21/2008 Banner Corporation Walla Walla WA Purchase Preferred Stock w/Warrants $124,000,000 Par

11/21/2008 Cascade Financial Corporation Everett WA Purchase Preferred Stock w/Warrants $38,970,000 Par

11/21/2008 Columbia Banking System, Inc. Tacoma WA Purchase Preferred Stock w/Warrants $76,898,000 Par

11/21/2008 Heritage Financial Corporation Olympia WA Purchase Preferred Stock w/Warrants $24,000,000 Par

11/21/2008 First PacTrust Bancorp, Inc. Chula Vista CA Purchase Preferred Stock w/Warrants $19,300,000 Par

11/21/2008 Severn Bancorp, Inc. Annapolis MD Purchase Preferred Stock w/Warrants $23,393,000 Par

11/21/2008 Boston Private Financial Holdings, Inc. Boston MA Purchase Preferred Stock w/Warrants $154,000,000 Par

11/21/2008 Associated Banc‐Corp Green Bay WI Purchase Preferred Stock w/Warrants $525,000,000 Par

11/21/2008 Trustmark Corporation Jackson MS Purchase Preferred Stock w/Warrants $215,000,000 Par

11/21/2008 First Community Corporation Lexington SC Purchase Preferred Stock w/Warrants $11,350,000 Par

11/21/2008 Taylor Capital Group Rosemont IL Purchase Preferred Stock w/Warrants $104,823,000 Par

11/21/2008 Nara Bancorp, Inc. Los Angeles CA Purchase Preferred Stock w/Warrants $67,000,000 Par

TOTAL $161,471,163,000

1/  Settlement deferred pending merger

SYSTEMICALLY SIGNIFICANT FAILING INSTITUTIONS

Seller

Date Name of Institution City State Transaction Type Description Price Paid

Pricing

Mechanism

11/25/2008 AIG New York NY Purchase Preferred Stock w/Warrants $40,000,000,000 Par
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U.S. Treasury Department

Office of Financial Stability

Troubled Asset Relief Program

Projected Costs and Liabilities [Section 105(a)(3((E)]

For Period Ending November 30, 2008

Type of Expense/Liability Amount 

None

U.S. Treasury Department

Office of Financial Stability

Troubled Asset Relief Program

Programmatic Operating Expenses [Section 105(a)(3)(F)]

For Period Ending November 30, 2008

Type of Expense Amount

Compensation for financial agents 

and legal firms $5,348,990