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

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According to MarketWatch, and are not amonb them. The department says the institutions, which it did not have met the requirements for repayment establishedd by federalbanking supervisors. It says many banks recentl y have raised equity capital from private investors and haveissuefd long-term debt that is not guarantee d by the government. “Thesre repayments are an encouraging sign offinancialp repair, but we still have work to Treasury Secretary Tim Geithnerr says. According to MarketWatch, the banks permitter to pay back the funds are JPMorganChasew & Co., Goldman Sachs Group Morgan Stanley, American Express, Bank of New York State Street, US Bancorp, BB&T Corp.
, Capital One Financialp Corp. and Northern Trust. More than 600 bankd received a total ofnearly $200 billionh through the department’s Troubled Asset Relief Program. About $2 billio of that money was paidback previously. Charlotte-based BofA (NYSE:BAC) receivee a total of $45 billion through the San Francisco-based Wells Fargo which acquired of Charlotte latelast year, got $25 billion from the TARP which is designed to thaw the crediy markets and boost the economy. Under the banks retiring their preferred stock can repurchass the warrants held by theTreasury Department. Besides the proceedxs from the sales ofthe warrants, the department also has received $4.
5 billion in dividend payments from program Proceeds from the repayments will go to the Treasurh Department’s general fund. The fundss can be used to reducr the national debt and can serve as a cushiom in case the department needs to respond to financial emergencies in the thedepartment says.