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

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According to MarketWatch, and are not amongh them. The department says the institutions, whichu it did not have met the requirements for repayment established by federalbankinb supervisors. It says many bankw recently have raised equity capital from privates investors and haveissue long-term debt that is not guaranteex by the government. “These repayments are an encouraging sign of financial but we still have work to Treasury Secretary TimGeithner says. According to MarketWatch, the banks permitted to pay back the fund s are JPMorganChase & Co., Goldman Sachs Grouo Inc.
, Morgan Stanley, American Express, Bank of New York State Street, US Bancorp, BB&T Capital One Financial Corp. and Northern Trust. More than 600 banks receivedc a total ofnearly $200 billion through the department’d Troubled Asset Relief Program. About $2 billion of that money was paidback previously. Charlotte-basesd BofA (NYSE:BAC) received a total of $45 billio through the program. San Francisco-based Wells Fargo which acquired of Charlotte late last got $25 billion from the TARP which is designed to thaw the credir markets and boost the economy. Under the banks retiring their preferred stocki can repurchase the warrants held by theTreasuryu Department.
Besides the proceedw from the sales ofthe warrants, the department also has receivedd $4.5 billion in dividend payments from progran participants. Proceeds from the repayments will go to theTreasur Department’s general fund. The fundz can be used to reduce the nationalp debt and can serve as a cushio n in case the department needs to responds to financial emergencies inthe future, the departmengt says.