TARP Repayments Expected To Begin Soon
TARP Repayments Expected To Begin Soon
Several big US banks are expected to begin repaying the bailout funds from next week itself. JP Morgan Chase, Morgan Stanley and American Express are expected to repay the $25 billion, $10 billion and $3.4 billion respectively, received by them from the government under its Troubled Asset Relief Program or TARP. Repayment of the taxpayers money is likely to free these firms from restrictions on executive pay, mandatory management changes besides political pressures related to their lending practices. The government after great thought had earlier this week allowed ten firms to repay TARP funds worth $68 billion. Other firms that have been allowed to repay government funds include Goldman Sachs, Bank of New York Mellon, State Street, US Bancorp, BB&T, Capital One and Northern Trust.
