There are so many country versions of TARP now that one has to mention the country in front. (See Swiss, UK and posts on TARP).
There are 2 reports evaluating progress of US TARP.
Section 202 of that law requires the Office of Management and Budget (OMB) to submit semiannual reports on the costs of the Treasury’s purchases and guarantees of troubled assets. The legislation also requires the Congressional Budget Office (CBO) to prepare an assessment of each of those reports within 45 days of its issuance. That assessment needs to include a discussion of:
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The costs of purchases and guarantees of troubled assets,
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The information and valuation methods used to calculate those costs, and
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The impact on the federal budget deficit and debt.
The reports were released Office of Management and Budget (OMB) (on 5 Dec 2008) and by Congressional Budget Office (CBO)(Jan 16 2009) (within 42 days), The CBO report summarises the 2 reports.
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At time of CBO total funds used were USD 247 billion (excluding Bank of America’s USD 20 bn). CBO estimates the present value of those investments at USD 183 billion. This implies a total subsidy or net cost of USD 64 billion. This USD 64 billion is the cost to taxpayers. This USD 183 bn could easily be lower or higher depending on the actual market and policy reponses. Say if Citi/AIG are no more or recover much better, the value would differ. Also, if US Govt decides to copy UK and swaps preference shares with Ordinay shares, the valuation would change. THE CBO report also has a nice table (Table 1) summarising the total TARP deals.
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When OMB report was written out of USD 350, USD 115 was used. It uses two methods to calculated PV. One gives a loss of USD 25.5 bn and other a gain of USD 12.6 bn.
It is still open to markets whether it will be TARP (relief plan) or a TRAP for taxpayers. But yes it is good to see transparency and sticking to reporting as detailed by the Act.
Mostly Economics 
