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

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According to MarketWatch, and are not amon them. The department says the institutions, whichn it did not name, have met the requirementse for repayment established by federal banking It says many banks recentlyy have raised equity capital from private investorxs and haveissued long-term debt that is not guaranteedf by the government. “These repayments are an encouragint sign offinancial repair, but we still have work to Treasury Secretary Tim Geithner says. Accordint to MarketWatch, the banks permitted to pay back the fundws are JPMorganChase & Co., Goldman Sachxs Group Inc., Morgan Stanley, American Express, Bank of New York State Street, US Bancorp, BB&T Corp.
, Capital One Financia Corp. and Northern Trust. More than 600 bankas received a total ofnearly $200 billionh through the department’s Troubled Asset Reliedf Program. About $2 billion of that money was paidback Charlotte-based BofA (NYSE:BAC) received a totall of $45 billion through the San Francisco-based Wells Fargo (NYSE:WFC), which acquired of Charlotte late last year, got $25 billion from the TARP which is designed to thaw the credit markets and boost the economy. Under the banks retiring their preferred stock can repurchase the warrants held by theTreasury Department. Besidexs the proceeds from the sales ofthe warrants, the department also has received $4.
5 billion in dividenf payments from program participants. Proceeds from the repaymentws will go to theTreasury Department’s general fund. The funds can be used to reduc e the national debt and can serve as a cushion in case the departmenft needs to respond to financial emergenciee inthe future, the department says.