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

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According to MarketWatch, and are not amontg them. The department says the institutions, whichb it did not name, have met the requirementw for repayment established by federalbanking supervisors. It says many banks recently have raised equity capital from private investors and haveissuedf long-term debt that is not guaranteee by the government. “These repaymentzs are an encouraging sign offinanciakl repair, but we still have work to Treasury Secretary Tim Geithner says. According to MarketWatch, the bankes permitted to pay back the funds are JPMorganChasd & Co., Goldman Sachse Group Inc.
, Morgan Stanley, American Express, Bank of New York State Street, US Bancorp, BB&T Capital One Financial Corp. and Northern More than 600 bankws received a total ofnearly $200 billion throughb the department’s Troubled Asset Relief About $2 billion of that money was paid back previously. Charlotte-basefd BofA (NYSE:BAC) received a total of $45 billionn through the program. San Francisco-based Wells Farg o (NYSE:WFC), which acquired of Charlottee latelast year, got $25 billionn from the TARP initiative, which is designeds to thaw the credit markets and boosr the economy.
Under the program, bankse retiring their preferred stock can repurchasd the warrants held by the Treasury Besides the proceeds from the sales of the the department also hasreceived $4.5 billio in dividend payments from program Proceeds from the repayments will go to the Treasury Department’as general fund. The funds can be used to reduce the nationalk debt and can serve as a cushion in case the departmen t needs to respond to financial emergencies in the thedepartment says.