BB&T, Morgan Stanley, Others Say Treasury Will Let Them Repay Bailout
UPDATED at 11:06 a.m. with all 10 banks:
Regional bank BB&T is the first to announce today that the Treasury Department will let it pay back the bailout money it was given.
Capital One followed shortly after, saying it too, has received Treasury's okay.
BB&T will repay $3.13 billion. Capital One will repay $3.56 billion.
- Morgan Stanley said it has received the okay to repay its $10 billion in bailout funds.
- U.S. Bancorp said it has been allowed to repay its $6.6 billion.
- JPMorgan Chase & Co. will repay $25 billion.
- Goldman Sachs will repay $10 billion.
- American Express will repay $3.39 billion.
- Bank of New York Mellon will repay $3 billion.
- State Street will repay $2 billion.
- Northern Trust will repay $1.58 billion.
Treasury said this morning that 10 banks are being allowed to pay back their piece of the bailout money, but didn't identify them, leaving that up to the banks themselves.
Treasury expects a total repayment of $68 billion of the $245 billion of bailout money given to the nation's banks.
“These repayments are an encouraging sign of financial repair, but we still have work to do,” said Secretary Tim Geithner.
The banks, of course, will be falling over themselves to announce they are paying back the bailout money as a way of showing how healthy they are.
In a statement, BB&T made clear its feelings about being forced to take the bailout money, saying the repayment will enable BB&T to be "more focused on the business of serving its clients than dealing with government distractions."
June 9, 2009; 11:06 AM ET
Categories: The Ticker | Tags: BB&T, Capital One, Morgan Stanley, Treasury, U.S. Bancorp
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