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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.

1

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.

2

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.

3

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
4

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

5

(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

6

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/.

7

V. TARP ADMINISTRATIVE EXPENSES

United States Department of Treasury
Office of Financial Stability

Report of Administrative Obligations and Expenditures

For Period Ending
November 30, 2008

PERSONNEL SERVICES
NON-PERSONNEL
SERVICES

Budget
Object Class Budget Object Class Title
1100 & 1200 PERSONNEL COMPENSATION & BENEFITS
PERSONNEL SERVICES Total:
2100
TRAVEL & TRANSPORTATION OF PERSONS
2200
TRANSPORTATION OF THINGS
RENTS, COMMUNICATIONS, UTILITIES & MISC CHARGES
2300
2400
PRINTING & REPRODUCTION
2500
OTHER SERVICES
2600
SUPPLIES AND MATERIALS
3100
EQUIPMENT
NON-PERSONNEL SERVICES Total:

Obligations
$19,747
$19,747
6,640
84,238
6,386,336
2,328
$6,479,543

Expenditures
$19,747
$19,747
4,210
84,238
1,336,116
2,285

GRAND TOTAL:

$6,499,290

8

For Period Ending
December 31, 2008

$1,426,850

Projected
Obligations
$170,000
$170,000
9,000
160,000
13,000,000
132,000
$13,301,000

Projected
Expenditures
$170,000
$170,000
9,000
160,000
2,000,000
132,000
$2,301,000

$1,446,598

$13,471,000

$2,471,000

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

Types of Services
Investment and Advisory Services
Custodian and Cash Mangement
Internal Control Services
Accounting Services
Human Resources Services
Legal Services

Type of
Type of
Transaction Agreement
Contractor
BPA
New
EnnisKnupp
Financial Agent
New
Bank of New York Mellon
BPA
New
PriceWaterhouse Coopers
BPA
New
Ernst & Young
Contract
New
Lindholm and Associates
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.

9

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 
10/28/2008
10/28/2008
10/28/2008
10/28/2008
10/28/2008
10/28/2008
10/28/2008
10/28/2008
1/       10/28/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/14/2008
11/21/2008
11/21/2008
11/21/2008
11/21/2008
11/21/2008
11/21/2008
11/21/2008
11/21/2008
11/21/2008
11/21/2008
11/21/2008
11/21/2008
11/21/2008
11/21/2008
11/21/2008
11/21/2008
11/21/2008
11/21/2008
11/21/2008
11/21/2008
11/21/2008
11/21/2008
11/21/2008

Name of Institution 
Bank of America Corporation 
Bank of New York Mellon Corporation 
Citigroup Inc. 
The Goldman Sachs Group, Inc. 
JPMorgan Chase & Co. 
Morgan Stanley 
State Street Corporation 
Wells Fargo & Company 
Merrill Lynch & Co., Inc. 
Bank of Commerce Holdings 
1st FS Corporation 
UCBH Holdings, Inc. 
Northern Trust Corporation 
SunTrust Banks, Inc. 
Broadway Financial Corporation 
Washington Federal Inc. 
BB&T Corp. 
Provident Bancshares Corp. 
Umpqua Holdings Corp. 
Comerica Inc. 
Regions Financial Corp. 
Capital One Financial Corporation 
First Horizon National Corporation 
Huntington Bancshares 
KeyCorp 
Valley National Bancorp 
Zions Bancorporation 
Marshall & Ilsley Corporation 
U.S. Bancorp 
TCF Financial Corporation 
First Niagara Financial Group 
HF Financial Corp. 
Centerstate Banks of Florida Inc. 
City National Corporation 
First Community Bankshares Inc. 
Western Alliance Bancorporation 
Webster Financial Corporation 
Pacific Capital Bancorp 
Heritage Commerce Corp. 
Ameris Bancorp 
Porter Bancorp Inc. 
Banner Corporation 
Cascade Financial Corporation 
Columbia Banking System, Inc. 
Heritage Financial Corporation 
First PacTrust Bancorp, Inc. 
Severn Bancorp, Inc. 
Boston Private Financial Holdings, Inc. 
Associated Banc‐Corp 
Trustmark Corporation 
First Community Corporation 
Taylor Capital Group 
Nara Bancorp, Inc. 

 
City 
Charlotte 
New York 
New York 
New York 
New York 
New York 
Boston 
San Francisco 
New York 
Redding 
Hendersonville 
San Francisco 
Chicago 
Atlanta 
Los Angeles 
Seattle 
Winston‐Salem 
Baltimore 
Portland 
Dallas 
Birmingham 
McLean 
Memphis 
Columbus 
Cleveland 
Wayne 
Salt Lake City 
Milwaukee 
Minneapolis 
Wayzata 
Lockport 
Sioux Falls 
Davenport 
Beverly Hills 
Bluefield 
Las Vegas 
Waterbury 
Santa Barbara 
San Jose 
Moultrie 
Louisville 
Walla Walla 
Everett 
Tacoma 
Olympia 
Chula Vista 
Annapolis 
Boston 
Green Bay 
Jackson 
Lexington 
Rosemont 
Los Angeles 

State 
NC 
NY 
NY 
NY 
NY 
NY 
MA 
CA 
NY 
CA 
NC 
CA 
IL 
GA 
CA 
WA 
NC 
MD 
OR 
TX 
AL 
VA 
TN 
OH 
OH 
NJ 
UT 
WI 
MN 
MN 
NY 
SD 
FL 
CA 
VA 
NV 
CT 
CA 
CA 
GA 
KY 
WA 
WA 
WA 
WA 
CA 
MD 
MA 
WI 
MS 
SC 
IL 
CA 

Transaction Type 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 
Purchase 

Description 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
Preferred Stock w/Warrants 
TOTAL

Price Paid 
$15,000,000,000
$3,000,000,000
$25,000,000,000
$10,000,000,000
$25,000,000,000
$10,000,000,000
$2,000,000,000
$25,000,000,000
$10,000,000,000
$17,000,000
$16,369,000
$298,737,000
$1,576,000,000
$3,500,000,000
$9,000,000
$200,000,000
$3,133,640,000
$151,500,000
$214,181,000
$2,250,000,000
$3,500,000,000
$3,555,199,000
$866,540,000
$1,398,071,000
$2,500,000,000
$300,000,000
$1,400,000,000
$1,715,000,000
$6,599,000,000
$361,172,000
$184,011,000
$25,000,000
$27,875,000
$400,000,000
$41,500,000
$140,000,000
$400,000,000
$180,634,000
$40,000,000
$52,000,000
$35,000,000
$124,000,000
$38,970,000
$76,898,000
$24,000,000
$19,300,000
$23,393,000
$154,000,000
$525,000,000
$215,000,000
$11,350,000
$104,823,000
$67,000,000

Pricing 
Mechanism
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 
Par 

$161,471,163,000

1/  Settlement deferred pending merger

SYSTEMICALLY SIGNIFICANT FAILING INSTITUTIONS

Seller 
Date 
11/25/2008 AIG

Name of Institution 

 
City 
New York

State 
NY

10

Transaction Type 
Description 
Purchase
Preferred Stock w/Warrants 

Pricing 
Mechanism
Price Paid 
$40,000,000,000 Par 

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

11

$5,348,990


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102