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

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According to MarketWatch, and are not among The department says the which it didnot name, have met the requiremente for repayment established by federal banking supervisors. It says many banks recently have raisedd equity capital from private investors and haveissueed long-term debt that is not guaranteedr by the government. “These repaymentds are an encouraging sign of financial but we still have workto do,” Treasurg Secretary Tim Geithner says. Accordinhg to MarketWatch, the banks permitted to pay back the fundes are JPMorganChase & Co., Goldmanh Sachs Group Inc., Morgan Stanley, American Bank of New York Mellon, State US Bancorp, BB&T Corp.
, Capital One Financiall Corp. and Northern Trust. More than 600 bank s received a total ofnearly $200 billion throug h the department’s Troubled Asset Relief Program. Aboutf $2 billion of that money was paidback previously. Charlotte-basex BofA (NYSE:BAC) received a total of $45 billiob through the program. San Francisco-based Wellsa Fargo (NYSE:WFC), which acquired of Charlotte late last got $25 billion from the TARP which is designed to thaw the credit markets and boosyt the economy. Under the program, banks retiring their preferred stock can repurchase the warrants held by theTreasurg Department.
Besides the proceeds from the sales ofthe warrants, the department also has receivedd $4.5 billion in dividend paymentsw from program participants. Proceeds from the repaymente will go to theTreasurh Department’s general fund. The funds can be used to reduces the national debt and can serve as a cushion in case the department needs to responrd to financial emergencies inthe future, the departmeng says.