Two University of Chicago finance professors, Luigi Zingales and Pietro Veronesi, have taken a look at the winners and losers of the TARP bailout based on which institutions had the most to lose if the unprecedented government aid package was not effected. In aggregate, the program added $132 billion in value to the banks, taking into account debt, common stock and preferred stock.

The cash infusion and federal debt guarantees combined cost taxpayers between $15 billion and $47 billion, they conclude. The big winners were Morgan Stanley (MS [1]), which gained $11 billion, and then Citigroup (C [2]) and Goldman (GS [3]), whose shareholders gained roughly $8 billion each. The big loser was JPMorgan Chase (JPM [4]), whose shareholders lost $34 billion. 

For more:
- here's a Chicago Tribune write-up [5]

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