"10 big banks get OK to repay $68B in bailout money"

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"10 big banks get OK to repay $68B in bailout mone... - 6/9/2009 2:04:44 PM

Vendaval

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Another encouraging sign on the economic recovery. For more information on which banks owe what amounts click on the link below.

"10 big banks get OK to repay $68B in bailout money"

By DANIEL WAGNER, AP Business Writer Daniel Wagner, Ap Business Writer – 1 hr 5 mins ago

"WASHINGTON – Ten of the nation's largest banks were given the green light Tuesday to repay $68 billion in government bailout money, freeing them from restrictions on executive compensation that they say are making it hard to keep their top-performing executives.

The Treasury Department said the banks had been approved to repay the money they received from the Troubled Asset Relief Program created by Congress in October at the height of the financial crisis.

Experts say allowing 10 banks to return $68 billion in bailout money shows some stability has returned to the system but caution that the crisis isn't over. And some fear the repayments could widen the gap between healthy and weak banks.

All eight banks that took TARP money and last month passed government "stress tests" confirmed they received permission to repay the bailout funds. They are: JPMorgan Chase & Co., American Express Co., Goldman Sachs Group Inc., U.S. Bancorp, Capital One Financial Corp., Bank of New York Mellon Corp., State Street Corp. and BB&T Corp.

Morgan Stanley did not pass the government test, but on Tuesday said it had raised enough capital quickly and was approved to repay its TARP money.

Northern Trust Corp. was not among the 19 banks subjected to stress tests, but the company said it also had received permission to repay the bailout funds."

http://news.yahoo.com/s/ap/20090609/ap_on_bi_ge/us_tarp_winners_and_losers

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RE: "10 big banks get OK to repay $68B in bailout ... - 6/9/2009 2:20:31 PM

LadyEllen

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Meanwhile over here Lloyds TSB, which received enormous bail out from us following its take over of the disaster otherwise known as HBOS - in other words we took the risk for its massive expansion as well as covering the losses of its acquisition, is also preparing to pay some back.

And coincidentally they also announced today that thousands of staff are to be chucked to the dole queue as they close their Cheltenham & Gloucester brand along with all the branches thereof.

But not to worry; no one on the Board lost their Mercedes or 6 bedroom residence in the country after all, and theyre the ones who count (or dont).

E

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RE: "10 big banks get OK to repay $68B in bailout ... - 6/9/2009 4:06:54 PM

Politesub53

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Lloyds are about to pay back £4 billion that they borrowed. I find it amazing that people who were against the bail out, are moaning because Lloyds are trimming staff levels.

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RE: "10 big banks get OK to repay $68B in bailout ... - 6/9/2009 7:19:58 PM

MarsBonfire

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Oh, and BTW... the TARP repayments earned the US government approximately 1 billion in interest. Yes, that's right... the loan to the banks generated profit.

Chew on that, republican party!

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RE: "10 big banks get OK to repay $68B in bailout ... - 6/9/2009 7:48:50 PM

OrionTheWolf

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Yeah, neener, neener, neener. An excellent cheer. Carry on.

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RE: "10 big banks get OK to repay $68B in bailout ... - 6/9/2009 8:03:40 PM

servantforuse

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The Feds got 1 billion in interest. Whoop de do.The Obama administration now has a 1 trillion dollar defficit. The largest in our countrys history...

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