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Pelosi Statement on Taxpayers Receiving Profit of $1.4 Billion on $10 Billion Capital Infusion to Goldman Sachs

July 22, 2009

Pelosi Statement on Taxpayers Receiving Profit of $1.4 Billion on $10 Billion Capital Infusion to Goldman Sachs

Wednesday, July 22, 2009

Contact: Brendan Daly/Nadeam Elshami/Drew Hammill, 202-226-7616

Washington, D.C. - Speaker Nancy Pelosi today issued the following statement after Goldman Sachs announced that taxpayers will receive a total profit of $1.4 billion on a $10 billion capital infusion. Goldman Sachs repaid the taxpayer-funded $10 billion capital infusion earlier this year:

â€Å"When Congress toughened the Bush Administration's TARP financial rescue proposal last year, we insisted that financial institutions fully reimburse taxpayers-or if possible, reimburse with a profit - when stability returned to our financial system. These taxpayer protections are now bearing fruit.

â€Å"Today American taxpayers earned a total of $1.4 billion in profits from a $10 billion taxpayer capital infusion into Goldman Sachs that the firm recently repaid to the Treasury. That must come as surprising and welcome news to the skeptics of our efforts to insist on taxpayer protections.

â€Å"I commend Goldman Sachs and the Treasury Department for working together to ensure that taxpayers get a fair deal. I urge other financial institutions that have repaid the government -- but have outstanding warrants which should return a profit to the American people -- to place the interests of taxpayers above those of short-term term financial gain.”