10 Banks To Repay TARP
WASHINGTON – The Treasury Department has approved 10 of the nation’s largest banks to repay $68 billion in government bailout money.
The department on Tuesday said the banks, which were not named, will be allowed to repay the money they received from the $700 billion Troubled Asset Relief Program created by Congress last October at the height of the financial crisis.
The banks have been eager to get out of the program to escape government restrictions such as caps onexecutive compensation.
Among the banks that passed government “stress tests” last month and likely were approved to repay the bailout funds are: Goldman Sachs Group Inc., JPMorgan Chase & Co., and American Express Co.
Read More From Associated Press
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Is this positive news that the economy is beginning to turn around?
–AC
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