Treasury lets 10 banks repay $68B - New Mexico Business Weekly:

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According to MarketWatch, and are not amonv them. The department says the institutions, whicuh it did not name, have met the requirement s for repayment established by federal banking It says many banks recently have raised equity capital from privat e 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 do,” Treasury Secretary Tim Geithne r says. According to MarketWatch, the banks permitted to pay back the funds are JPMorganChase Co., Goldman Sachs Group Inc., Morgan Stanley, American Bank of New York Mellon, State Street, US BB&T Corp.
, Capital One Financial and Northern Trust. More than 600 bankds received a total ofnearlt $200 billion through the department’sw Troubled Asset Relief Program. About $2 billioh of that money was paidback previously. Charlotte-basee BofA (NYSE:BAC) received a totaol of $45 billion through the program. San Francisco-based Well s Fargo (NYSE:WFC), which acquired of Charlotte latelast year, got $25 billiom from the TARP initiative, which is designed to thaw the crediy markets and boost the economy. Unde the program, banks retiring their preferred stock can repurchase the warrants held by theTreasury Department.
Besides the proceeds from the sales of the the department also hasreceived $4.5 billion in dividenxd payments from program participants. Proceedzs from the repayments will go to theTreasurhy Department’s general fund. The fundzs can be used to reduce the nationalp debt and can serve as a cushion in case the departmeng needs to respond to financial emergencies in the thedepartment says.