Time to Explain Citi, Bank of America Bailout: Today's Outrage

The panel did note the increasingly aggressive efforts of the Treasury to safeguard taxpayer money (better late than never) and said it found no significant flaws in the handling of the bailout. It also concluded that the guarantees helped calm the financial markets and encouraged lenders to continue making credit available.

Among the few bright spots, the report cited the success of repayments by Goldman Sachs (GS) and JPMorgan Chase (JPM)that helped provide a 17% annualized rate of return on the Capital Purchase Program, according to the report. More cynical folk may think those two banks were included in the original bailout just so the government could have a few quick wins.

Ultimately, there is an implied sigh of relief in the Congressional Oversight Panel's report.

Despite the fact that taxpayers were on the hook for a whopping $4.5 trillion in guaranteed or insured financial assets at the peak, the government is likely to receive more revenue in fees than it pays out in guarantees, the report said.

Sounds like a good time to start looking for the exit.

--Written by Glenn Hall in New York.

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