Tarp, Banks Repaying Aid | featured news

Despite the massive repayments of TARP money coming from our biggest banks, the financial system is still very much dependent on the rescue operations of the government.

Perhaps the best illustration of this is the massive balance sheet of the Federal Reserve, which has inflated by purchases of $1.058 Trillion of mortgage backed securities.

Wells Fargo said Monday evening that it would repay the entire $25 billion that it received in the government's bailout last year. It said some of the money would come from a $10.4 billion stock sale.

Citigroup Inc. said Monday it is repaying $20 billion in bailout money it received from the Treasury Department, in an effort ...

The U.S. Federal Reserve this month asked banks that were part of "stress tests" conducted earlier this year that have not yet repaid money injected under the Troubled Asset Relief Program (TARP) to submit plans to do so, a person familiar with the situation said on Tuesday.

With the wiring of nearly $10 billion to the Treasury, U.S. Bancorp and BB&T became the first large financial institutions to announce that they have repaid the government in full.

U.S. officials on Tuesday gave 10 of the nation's biggest banks approval to pay back a combined $68 billion of taxpayer money pumped into them to combat the credit crisis.

Administration could announce as soon as Monday that repayment can begin, but some officials warn that other types of support belie show of progress.