Treasury: 10 big banks can repay bailout

[dbackjon]

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/

[wideright82]

Sweet. I wonder where these funds will be sent next. You know they'll be recycled. My bet is AIG

[danefan]

Sweet. I wonder where these funds will be sent next. You know they'll be recycled. My bet is AIG

Money already spent my friend. They should forward it directly to China.

[ASUMountaineer]

Sweet. I wonder where these funds will be sent next. You know they'll be recycled. My bet is AIG

Money already spent my friend. They should forward it directly to China.

Sadly so.

[Ivytalk]

What a country! Borrowers have to beg the lender to pay it back. SMFH.

[ASUG8]

Glad my bank (BB&T) is paying back early - they're very conservative anyway and didn't get burned badly in the whole subprime fiasco. I doubt they needed the funds in the first place.