Download the Politics Daily Toolbar
Our new toolbar integrates the latest news and analysis into your Web browser and installs in seconds. Download it now!

Politics DailyPolitics Daily

  • HOME
  • ABOUT
  • COLUMNISTS
  • TOPICS
  • THE CAPITOLIST
  • WOMAN UP
  • DAILY FLOTUS
  • JUST IN
  • THE CRAM
  • CONTACT
  • Inside Politics Daily

    Bank of America Ready to Pay Back $45 Billion in Bailout Money

    Posted:
    12/3/09
    Filed Under:Economy, Wall Street
    Bank of America announced Wednesday that it will pay back the $45 billion it received from the Troubled Assets Relief Program, or TARP. The U.S. dollar and euro both rose in response to the positive news from America's largest bank.

    "We appreciate the critical role that the U.S. government played last fall in helping to stabilize financial markets, and we are pleased to be able to fully repay the investment, with interest," Bank of America CEO Ken Lewis said in a statement.

    The announcement underscored the speedy recovery of U.S. banks that received bailout funds. Treasury Secretary Timothy Geithner said Wednesday that the Obama administration is planning to "wind down" the $700 billion bailout program, and that the "substantial" remaining funds would be used to pay down the national debt.

    Goldman Sachs, Morgan Stanley and a number of smaller banks have already paid back the money they received from the government, netting the U.S. a profit of $4 billion by the end of August.
    Get the new
    PD toolbar!



    Follow PoliticsDaily On Facebook and Twitter,
    and download the new Politics Daily toolbar!

    David Sessions

    David Sessions is a journalist based in New York who covers politics, religion, and the arts. He is the founding editor of patrolmag.com. ...more

    Contact David Sessions

    subscribe to: RSS email: David Sessions

    Related Articles

    Related Articles

    • Drowning in Red Ink: Deficit Hit Record Level in February

      3 hours ago

      Federal government coffers have shown deficits for 17 straight months, but this one was a whopper. The U.S. budget deficit hit $220.9 billion in February, a one-month record, the Treasury Department...

    • What Was Alan Gross Doing in Havana?

      28 days ago

      Last week President Obama released his proposed $52.8 billion 2011 budget for the U.S. Department of State. Included with the billions for programs in Afghanistan, Pakistan, and Iraq is a relatively...

    • Citigroup, Bank of America Credit Ratings Could Take a Hit

      28 days ago

      A major financial services firm has revised its rating outlooks of Citigroup and Bank of America from "stable" to "negative," saying it's unclear the government will bail out the companies again in...

    • Happening Right Now

       
    Politics Daily on Facebook

    Other News

     
    News Logo