When TARP WAS initialLY proposed, proponents argued that the bailouts would not only help stabilize the banking sector, but that the government would likely end up even making money on the deal when the depressed securities rallied and the economy improved.

Judging by the performance of an index designed to track the bailouts, that's looking less and less likely.

The Nasdaq OMX Government Relief Index (QGRI) tracks companies that have received direct investments from the U.S. government in excess of $1 billion. The majority are banks and other financial firms, along with General Motors and insurance giant AIG (AIG: 0.38*, -0.15, -28.13%).