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Thoughts on capital markets, finance and the capitalist mentality
Ken Tepper, Chairman, ARKequity
Great Bailouts This Century: A Compendium
- By my calculation, we are out of pocket about $1.1 trillion since the second quarter of 2008. That’s $787 billion for the recently enacted stimulus bill. Then there's $250 billion already wired out of the Treasury as the first installment on the larger $700 billion package, $85 billion for AIG, and about $9 billion for IndyMac (who knew it would be relatively cheap?). I didn’t count the $29 billion loan guarantee for Bear Stearns or the planned $100 billion infusions in to Freddie and Fannie each, because we are not yet out of pocket there. With the help of my friends at The Associated Press, here’s some of the great bailouts throughout history.
- • In 1933 the Home Owner’s Loan Corp. is formed to buy $3 billion in mortgages from banks and refinance them for the benefit of consumers. The feds make a small profit in the enterprise.
- • In 1971, Lockheed Aircraft Corp. makes an ill timed foray into commercial jets and teeters on bankruptcy. The Feds come to the rescue with $250 million in loan guarantees.
- • Eight years later in 1979, the federal government subsidizes $1.2 billion Chrysler at the time the 10th largest company in the United States. If they knew then what they know now . . .
- • Congress takes over failing and flailing Continental Illinois in 1984, and the Federal Deposit Insurance Corp antes up $4.5 billion.
- • After the September 11th attached, the Feds provide $5 billion to the airline industry and another $10 billion in loan guarantees.
- • In 1989, the Resolution Trust Corp. is established to oversee the disposition of bad assets and stand behind the deposit guarantees. It takes six years and $125 billion to put the S&L crisis behind us.
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About Me
- Ken Tepper
- Currently, I am chairman of ARKequity, a private equity and venture capital firm headquartered in Radnor, Pennsylvania. I have over 15 years of progressive public company leadership where I’ve been Chairman, President and CEO of businesses engaged in banking and finance. I like to work “hands on” in support of portfolio partners and companies to provide them with adjunct leadership that can be a critical determinant of success in emerging growth companies. Throughout my career, I’ve been an advocate of technology-based finance, and an innovator for Internet banking and brokerage. My critics might suggest that I lead “heart first” and I do, because I believe there always a perfect match out there between capital providers and entrepreneurs that results in companies taking off. I’m a graduate of Episcopal Academy, Emory University, Villanova Law School and was the first recipient of the US National Guard Montgomery Medal in 2004.
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