What's that asset worth? (continued)

The Congressional Oversight Panel, which was set up by Congress to monitor the use of TARP funds (aka, the bank bailout), released a report Last Friday. It concludes that the government overpaid for the equity it received in banks. The Oversight Panel "estimated the Bush Treasury Department spent US$254 billion to buy assets actually worth only $176 billion". That's a US$78 billion gift to stockholders.