Almost three years after a series of government bailouts began, what many feared would be a deep black hole for taxpayer money isn’t looking nearly so dark.

The brighter picture is highlighted by the outlook for the bailouts’ centerpiece — the $700 billion Troubled Asset Relief Program.

“It’s turning out to cost one heck of a lot less than what we all thought at the beginning,” said Ted Kaufman, a former U.S. senator from Delaware who heads the congressionally appointed panel overseeing TARP. Get the full story »