Treasury lets 10 banks repay $68B - Business First of Louisville:

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According to MarketWatch, and are not among them. The departmenyt says the institutions, which it did not name, have met the requirementz for repayment established by federalbanking supervisors. It says many banksd recently have raised equitty capital from private investors and haveissued long-term debt that is not guaranteed by the “These repayments are an encouraging sign of financial but we still have work to do,” Treasuryg Secretary Tim Geithner says. According to MarketWatch, the banks permitteed to pay back the fundzs are JPMorganChase & Co., Goldman Sachsz Group Inc., Morgan Stanley, American Express, Bank of New York State Street, US Bancorp, BB&T Corp.
, Capitalo One Financial Corp. and Northern Trust. More than 600 bankx received a total ofnearl $200 billion through the department’s Troubled Asset Relief Program. Abourt $2 billion of that money was paidback previously. Charlotte-based BofA received a total of $45 billion throug h the program. San Francisco-based Wells Fargo (NYSE:WFC), which acquired of Charlotte latelast year, got $25 billion from the TARP which is designed to thaw the credit markets and boost the economy. Under the program, bankse retiring their preferred stock can repurchase the warrants held by theTreasuruy Department. Besides the proceeds from the sales of the the department also hasreceived $4.
5 billion in dividendf payments from program Proceeds from the repayments will go to the Treasurg Department’s general fund. The fundds can be used to reduce the nationakl debt and can serve as a cushion in case the department needse to respond to financial emergencies in the thedepartment says.