Ten Banks Can Pay Back TARP Bailouts

The government has approved 10 banks to repay TARP bailout funds, which would total about $68 billion. While the Treasury Department has not indicated which banks are included, the NY Times reports they are American Express, Bank of New York Mellon, the BB&T Corporation, Capital One Financial, JPMorgan Chase, the State Street Corporation, US Bancorp, Morgan Stanley, Northern Trust, and Goldman Sachs. Many of the banks passed the stress test (Northern Trust is a holding company and did not have to undergo the stress test. Bloomberg News notes this will "reduc[e]officials’ authority to intervene in everything from lending and hiring strategies to compensation policies." Treasury Secretary Timothy Geithner said, "These repayments are an encouraging sign of financial repair, but we still have work to do."

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By Jen Chung in News on June 9, 2009 10:55 AM

Comments [rss]

Matt Joyce

Encouraging sign of financial repair!?! None of those institutions even NEEDED or WANTED TARP funds. The FED forced them to take the money. Of course they'll pay it back as soon as they are allowed to. Sign of financial repair... more like sign of someone lying their face off in the face of overwhelming evidence of criminal activity.

ma bell

first this! now the supreme court is gonna bitch slap the administration on the chrysler shenanigans! oh the justice when the big o gets told that he can't just do whatever the fuck he wants and get away with it!

hotstepper

get ready you mother, for the big payback! the big payback!! hey!

r1b2

So much for oversight.

Felix Hoenikker

Remember the fake 'Rock Ridge' they built at the end of 'Blazing Saddles' to dupe the bad guys? That's probably what these banks have done.

r1b2

Land grab, land grab, land grab... see snatch.

books

they could still limit executive pay - the goverment can do ANYTHING and when comes to the little people they do, but people with money - god forbid...as a shareholders and employess the govt should limit compensation to some multiple of the least paid person.