Behind Administration Spin: Bailout Still $123 Billion in the Red

The administration has been on a PR offensive in recent months to tell the good news about the TARP. As the Treasury Department official in charge of the TARP is saying at a congressional hearing this morning, the bailout won't cost anywhere near the full $700 billion Congress authorized. In fact, many of its investments have turned a profit, and some of its most infamous bailouts -- such as the rescue of AIG -- won't end up being the tax dollar black holes they once seemed sure to be.

But the true picture isn't so rosy.