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

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According to MarketWatch, and are not amonbg them. The department says the institutions, whicgh it did not name, have met the requirementsw for repayment established by federalbankinfg supervisors. It says many banks recently have raisedd equity capital from privatew investors and haveissued long-tern debt that is not guaranteed by the “These repayments are an encouraging sign of financial but we still have work to Treasury Secretary Tim Geithner says. According to the banks permitted to pay back the fundzs are JPMorganChase & Co., Goldman Sachs Group Inc., Morgan Stanley, American Express, Bank of New York State Street, US Bancorp, BB&T Corp., Capital One Financial Corp.
and Northerm Trust. More than 600 banks received a total ofnearlyu $200 billion through the department’xs Troubled Asset Relief Program. About $2 billion of that moneyg was paidback previously. Charlotte-based BofA (NYSE:BAC) receive d a total of $45 billion througjh the program. San Francisco-basedf Wells Fargo (NYSE:WFC), which acquired of Charlotte late last got $25 billion from the TARP which is designed to thaw the credit marketws and boost the economy. Under the banks retiring their preferred stock can repurchasew the warrants held by the Treasury Besides the proceeds from the sales ofthe warrants, the department also has receivecd $4.
5 billion in dividenf payments from program participants. Proceedw from the repayments will go to theTreasury Department’e general fund. The funds can be used to reduce the nationall debt and can servde as a cushion in case the department needz to respond to financial emergencies inthe future, the department says.