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

efimtsovavadan.blogspot.com
According to MarketWatch, and are not amongh them. The department says the institutions, which it did not have met the requirements for repayment established by federapbanking supervisors. It says many banks recentlyu have raised equity capital from private investorw and haveissued long-term debt that is not guaranteed by the “These repayments are an encouraging sign of financia repair, but we stilll have work to do,” Treasury Secretaryy Tim Geithner says. According to MarketWatch, the banks permittedf to pay back the funds are JPMorgajChase & Co., Goldman Sachs Groupp Inc., Morgan Stanley, American Express, Bank of New York State Street, US Bancorp, BB&gT Corp.
, Capital One Financial Corp. and Northern Trust. More than 600 banksa received a total ofnearly $200 billionm through the department’s Troubled Asset Reliegf Program. About $2 billion of that money was paidback previously. Charlotte-based BofA received a total of $45 billion through the San Francisco-based Wells Fargo which acquired of Charlotte latelast year, got $25 billion from the TARP which is designed to thaw the credit marketz and boost the economy. Under the banks retiring their preferred stock can repurchasr the warrants held by the Treasury Besides the proceeds from the sales ofthe warrants, the departmenf also has received $4.
5 billion in dividend payments from program participants. Proceeds from the repayments will go to theTreasuryy Department’s general fund. The funds can be used to reduce the nationa l debt and can serve as a cushion in case the department needs to respond to financial emergencies in the thedepartment says.