Bloomberg stated:
A U.S. government program aimed at reviving the mortgage-backed securities market returned more than triple what stocks or bonds gained in the past year.The eight funds created under the Public-Private Investment Program, or PPIP, reported net internal rates of return averaging 36 percent through Sept. 30, the Treasury Department said in a report this week.
Data in the article points to smaller returns for Uncle Sam's $22 billion PPIP investment.
The government has gotten $215 million of interest, dividend and other payments, and the funds have more than $1.5 billion in unrealized gains.
Interest and dividends paid is roughly 1%. Adding unrealized gains the return rises to 7.8%. That's far below Treasury's advertised 36%.
Had the $22 billion returned 36%, Bloomberg would have shown nearly $8 billion in interest, dividends, and realized gains. That I didn't see.
