Wells Fargo to Repay $25 Billion in TARP Money

[Scurrilous]

Source: NYTimes

<snip>

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

The announcement by Wells Fargo came after Citigroup reached an agreement with banking regulators earlier in the day to exit the government’s bailout program, making it the last of the big Wall Street banks to pay back money.

Wells Fargo, which is based in San Francisco, said it had received authorization from the Treasury Department and banking regulators to leave the Troubled Asset Relief Program.

"TARP stabilized our country’s financial system when confidence in financial markets around the world was being tested unlike any other period in our history,” the bank’s president and chief executive, John Stumpf, said in a statement. “Its success also generated financial returns for taxpayers, including $1.4 billion in dividends paid to the U.S. Treasury by Wells Fargo.”

Read more: http://dealbook.blogs.nytimes.com/2009/12/14/wells-fargo-to-repay-25-billion-to-us/

[clear eye]

1. Question is, are the huge sums all those banks are repaying coming from Fed Res. loans? n/t

[TwixVoy]

2. No they are selling stock

Plenty of articles about "how" they are doing it on financial sites. Not really reported in the MSM though.

[Lucky Luciano]

4. I thought it was explicitly clear that $10.4B of stock would be sold

:shrug:

[clear eye]

6. Whoops. I must be getting tired. n/t

[clear eye]

5. Thanks.

Pity the fools buying the stock when the same bloodsuckers are still in charge.

[Bozita]

3. It's Bankster Bonus time again, boys and girls. And the kids at Wells Fargo want to play too.

After all, everybody else is doing it.