Ten large US banks to repay $68B in Bailout Money

By: AP Email
By: AP Email

WASHINGTON (AP) - Ten large U.S. banks are planning to repay the
government about $68 billion in bailout money Wednesday, a pair of
industry officials say.
The Treasury Department last week gave the 10 banks permission
to repay the funds, which they received under the $700 billion
bailout plan, known as the Troubled Asset Relief Program. That
effort to unfreeze credit markets launched as global markets seized
up last October.
Wednesday is the first day the banks are eligible to repay the
money.
The banks repaying TARP are some of the industry's largest,
including JPMorgan Chase & Co., American Express Co., Goldman Sachs
Group Inc. and Morgan Stanley.
The two industry officials spoke on condition of anonymity
because not all of the banks' official announcements have been
made.


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