U.S. government gets money back from banks

WASHINGTON, Aug. 31 (UPI) -- The U.S. government collected all of the aid it gave eight large and 14 smaller banks during the taxpayer-funded rescue new calculations indicated.

The government received about $4 billion from eight of the biggest banks and another $35 million from the smaller banks, The New York Times reported, citing calculations prepared for the newspaper by University of Louisiana at Lafayette Professor Linus Wilson.

In the year since the Troubled Asset Relief Program was put into effect, a hint of profits spurred hope the government might soon get out of the banking business, the report said.

"The taxpayers want their money back and they want the government out of our banking system," Rep. Jeb Hensarling, R-Texas, and a member of the Congressional Oversight Panel examining the relief program, said.

The government faces long-term losses from other bailouts, such as those of American International Group, Fannie Mae and Freddie Mac, General Motors Co. and Chrysler, as well as from guarantees of mortgages that failed, the Times said.