Massive $238 billion financial bailout 5 years ago ‘avoided catastrophe,’ only $3 billion has yet to be paid back: Treasury

By Agence France-Presse
Wednesday, September 11, 2013 7:15 EDT

The US Treasury said Wednesday the government’s massive response to the economic crisis five years ago paid off, avoiding a catastrophic breakdown of the financial system.

In a report marking the anniversary of the bankruptcy of investment bank Lehman Brothers — which snowballed into the worst crisis since the 1930s — the Treasury defended deploying hundreds of billions of taxpayer dollars to save other banks, major financial institutions and auto companies.