Bank of New York Mellon's TARP deal worth $20 million from BailoutSleuth

The Government Accountability Office has spilled one of the Treasury Department's TARP secrets, revealing the value of the Bank of New York Mellon's contract to serve as master custodian for the financial-industry rescue program.

 

In a report issued late last week, the GAO estimated that Bank of New York Mellon would receive $20 million over three years.

 

The Treasury Department hired Bank of New York Mellon in October to keep tabs on the assets it would buy and sell through the $700 billion Troubled Asset Relief Program. But when it posted the contract on its web site, it blacked out the portion outlining how much the bank would be paid and how that pay would be calculated.

rest http://bailoutsleuth.com/2009/02/the-government-accountability-office-has/