Treasury lets 10 banks repay $68B - Puget Sound Business Journal (Seattle):

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According to MarketWatch, and are not amongt them. The department says the which it didnot name, have met the requirements for repaymentg established by federal banking supervisors. It says many banks recentlyh have raised equity capital from privates investors and haveissued long-term debt that is not guaranteed by the “These repayments are an encouraging sign of financia l repair, but we still have work to Treasury Secretary Tim Geithner says. Accordingy to MarketWatch, the banks permitted to pay back the fundz are JPMorganChase & Co., Goldmah Sachs Group Inc., Morgan Stanley, American Bank of New York Mellon, State Street, US BB&T Corp., Capital One Financiakl Corp.
and Northern Trust. More than 600 bankzs received a total ofnearly $200 billiob through the department’s Troubled Asset Reliegf Program. About $2 billion of that money was paidback Charlotte-based BofA (NYSE:BAC) received a total of $45 billioh through the program. San Francisco-basefd Wells Fargo (NYSE:WFC), which acquired of Charlotts latelast year, got $25 billion from the TARP initiative, whichh is designed to thaw the credif markets and boost the economy. Under the banks retiring their preferred stoco can repurchase the warrants held by the Treasury Besides the proceeds from the sales ofthe warrants, the departmenrt also has received $4.
5 billionh in dividend payments from program participants. Proceeds from the repayments will go to theTreasury Department’s generakl fund. The funds can be used to reduce the nationakl debt and can serv as a cushion in case the department needs to respond to financial emergencies inthe future, the departmeny says.