If it was all paid back though, what was the magnitude of the theft? If we say 8% return was too low given the risk, the value that was stolen from the public is the marginal interest the public missed out on.

So what was the right rate of return? If it was 10%, that's 2% marginal rate not captured. How long was the term of the loans? 5 years? That works out to roughly $70B over 5 years.

I'm not claiming that's a small number (!) but if we are calling it theft, we should qualify the theft more concretely.