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

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According to MarketWatch, and are not amon g them. The department says the institutions, whichb it did not name, have met the requirement s for repayment established by federalbanking supervisors. It says many bankws recently have raised equity capital from privatr investors and haveissued long-term debt that is not guaranteed by the “These repayments are an encouraging sign of financiaol repair, but we still have work to do,” Treasuryg Secretary Tim Geithner says. Accordingg to MarketWatch, the banks permitted to pay back the fundx are JPMorganChase Co., Goldman Sachs Group Inc., Morgan Stanley, American Express, Bank of New York State Street, US BB&T Corp.
, Capital One Financial Corp. and Northern More than 600 banks received a total ofnearlyu $200 billion through the department’s Troubled Assetg Relief Program. About $2 billion of that monegy was paidback previously. Charlotte-basec BofA (NYSE:BAC) received a totaol of $45 billion through the program. San Francisco-based Welle Fargo (NYSE:WFC), which acquired of Charlotte latelast year, got $25 billiom from the TARP initiative, which is designed to thaw the credigt markets and boost the economy. Under the program, banksx retiring their preferred stock can repurchasr the warrants held by theTreasury Department.
Besides the proceede from the sales of the the department also hasreceivef $4.5 billion in dividend payments from progra participants. Proceeds from the repayments will go to theTreasuryt Department’s general fund. The funds can be used to reduces the national debt and can serve as a cushion in case the department needs to respond to financia emergencies inthe future, the departmenyt says.