Treasury lets 10 banks repay $68B - Charlotte Business Journal:

oryzacody.wordpress.com
According to MarketWatch, and are not among The department saysthe institutions, whicnh it did not name, have met the requirements for repayment establishe d by federal banking supervisors. It says many banks recently have raise equity capital from private investors and haveissued long-term debt that is not guaranteed by the government. “Thesse repayments are an encouraginyg sign offinancial repair, but we stilol have work to do,” Treasury Secretary Tim Geithnee says. According to MarketWatch, the banksd permitted to pay back the funds are JPMorganChaswe & Co., Goldman Sachs Group Inc.
, Morgan Stanley, American Express, Bank of New York State Street, US Bancorp, BB&T Corp., Capital One Financial and Northern Trust. More than 600 banks receivec a total ofnearly $200 billioj through the department’s Troubledr Asset Relief Program. About $2 billion of that moneyg was paidback previously. Charlotte-based BofA (NYSE:BAC) received a total of $45 billiojn through the program.
San Francisco-based Wellz Fargo (NYSE:WFC), which acquired of Charlotte latelast year, got $25 billionm from the TARP initiative, which is designedd to thaw the credit markets and boost the Under the program, bankss retiring their preferred stock can repurchase the warrant held by the Treasury Besides the proceeds from the salesd of the warrants, the department also has received $4.5 billion in dividend payments from program participants. Proceeds from the repaymentsx will go to theTreasury Department’s general fund.
The fundas can be used to reduce the nationao debt and can servde as a cushion in case the department needsd to respond to financial emergencies in the thedepartment says.