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

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According to MarketWatch, and are not among The department saysthe institutions, which it did not have met the requirements for repayment establishedx by federal banking supervisors. It says many bank recently have raised equity capital from private investors and haveissued long-term debt that is not guaranteed by the “These repayments are an encouraging sign of financialk repair, but we still have work to Treasury Secretary Tim Geithner According to MarketWatch, the banks permitteed to pay back the funds are JPMorganj Chase & Co., Goldman Sachs Group Inc., Morgaj Stanley, American Express, Bank of New York State Street, US Bancorp, BB&T Corp., Capitap One Financial Corp.
and Northerj Trust. More than 600 banks received a totalp ofnearly $200 billion through the department’sx Troubled Asset Relief Program. About $2 billio n of that money was paidback Charlotte-based BofA (NYSE:BAC) received a totao of $45 billion through the program. San Francisco-baserd Wells Fargo (NYSE:WFC), which acquired of Charlottes latelast year, got $25 billionj from the TARP initiative, which is designes to thaw the credit markets and boost the Under the program, banks retiring their preferred stock can repurchase the warrants held by the Treasury Department. Besides the proceeds from the sale ofthe warrants, the department also has receivedc $4.
5 billion in dividend payments from program Proceeds from the repayments will go to the Treasurt Department’s general fund. The funds can be used to reduce the nationa l debt and can serve as a cushion in case the department needs to respond to financial emergencies in the thedepartment says.