On November 24, 2008, the Treasury published its Second Tranche Report to Congress, for the period through November 14.  The appendices to the report are available here.  These reports are required under Section 105(b) of the Emergency Economic Stabilization Act of 2008, and are published on the Treasury’s website.

The Report confirms that the purchase of $40 billion in preferred shares from AIG was under the Systemically Significant Failing Institutions Program (SSFI) rather than the TARP Capital Purchase Program (TARP Capital).  The total committed under the TARP Capital program was $158.5 billion as of November 14, 2008.  This confirms our previous analysis.

The Report states that all commitments thus far under the TARP Capital program have been with financial institutions whose stock is traded on national securities exchanges.  As we’ve previously discussed, this is not true, as one of the recipients of the November 14 TARP Capital infusions is traded on the Over-the-Counter Bulletin Board.

The Report indicates that Treasury has established a streamlined evaluation procedure that has resulted in the federal banking agencies using a standardized process to review all applications to ensure consistency.  Treasury states that gives considerable weight to the recommendations of the federal banking agencies.