Treasury Allows 10 Banks To Pay Back TARP Funds

Law360, New York (June 9, 2009, 12:00 AM EDT) -- The U.S. Department of the Treasury announced Tuesday that 10 of the country's largest financial institutions would be allowed to buy back $68.3 billion in preferred stock they issued to the government under the Troubled Asset Relief Program last fall.

JPMorgan Chase & Co. will be buying back the largest chunk of preferred stock purchased by the Treasury Department at $25 billion. Goldman Sachs Group Inc. and Morgan Stanley said they would repay $10 billion each.

"These repayments are an encouraging sign of financial repair, but...
To view the full article, register now.