Treasury: 10 big banks can repay bailout
Posted: Tue Jun 09, 2009 9:57 am
Ten of the nation's largest banks to repay $68 billion in TARP money
The Treasury Department will allow 10 of the nation’s largest banks to repay $68 billion in government bailout money.
The department on Tuesday said the banks, which were not named, have been approved to repay the money they received from the $700 billion Troubled Asset Relief Program created by Congress last October at the height of the financial crisis.
The banks have been eager to get out of the program to escape government restrictions such as caps on executive compensation.
All eight banks that took TARP money and last month passed government “stress tests” confirmed that they received permission to repay the bailout funds. They are: JPMorgan Chase & Co., American Express Co., Goldman Sachs Group Inc., U.S. Bancorp, Capital One Financial Corp., Bank of New York Mellon Corp., State Street Corp. and BB&T Corp.
Morgan Stanley did not pass the government test, but on Tuesday said it had raised enough capital quickly and was approved to repay its TARP money.
Northern Trust Corp. was not among the 19 banks subjected to stress tests, but the company said it also had received permission to repay the bailout funds.
http://www.msnbc.msn.com/id/31183784/
The Treasury Department will allow 10 of the nation’s largest banks to repay $68 billion in government bailout money.
The department on Tuesday said the banks, which were not named, have been approved to repay the money they received from the $700 billion Troubled Asset Relief Program created by Congress last October at the height of the financial crisis.
The banks have been eager to get out of the program to escape government restrictions such as caps on executive compensation.
All eight banks that took TARP money and last month passed government “stress tests” confirmed that they received permission to repay the bailout funds. They are: JPMorgan Chase & Co., American Express Co., Goldman Sachs Group Inc., U.S. Bancorp, Capital One Financial Corp., Bank of New York Mellon Corp., State Street Corp. and BB&T Corp.
Morgan Stanley did not pass the government test, but on Tuesday said it had raised enough capital quickly and was approved to repay its TARP money.
Northern Trust Corp. was not among the 19 banks subjected to stress tests, but the company said it also had received permission to repay the bailout funds.
http://www.msnbc.msn.com/id/31183784/
