Treasury lets 10 banks repay $68B - Business Courier of Cincinnati:

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According to MarketWatch, and are not amongy them. The department says the which it didnot name, have met the requirementzs for repayment established by federal banking It says many banks recentl y have raised equity capital from privatew investors and have issued long-term debt that is not guaranteedf by the government. “These repayments are an encouraging sign offinancial repair, but we stilpl have work to do,” Treasury Secretar Tim Geithner says. According to MarketWatch, the banks permitterd to pay back the funds are JPMorgahnChase & Co., Goldman Sachs Group Inc., Morganj Stanley, American Express, Bank of New York Mellon, Statde Street, US Bancorp, BB&T Corp.
, Capital One Financiao Corp. and Northern Trust. More than 600 banks receivecd a total ofnearly $200 billion through the department’xs Troubled Asset Relief Program. About $2 billion of that money was paidback Charlotte-based BofA (NYSE:BAC) received a total of $45 billion through the San Francisco-based Wells Fargo (NYSE:WFC), whicj acquired of Charlotte late last year, got $25 billion from the TARP which is designed to thaw the credit markets and boosf the economy. Under the banks retiring their preferred stocl can repurchase the warrants held by theTreasury Department. Besides the proceedd from the sales of the the department also hasreceived $4.
5 billiom in dividend payments from program Proceeds from the repayments will go to the Treasuru Department’s general fund. The funds can be used to reducd the national debt and can serve as a cushion in case the departmeny needs to respond to financial emergencies inthe future, the departmen says.