Banks Get OK To Repay Billions In Bailout Money

By: Associated Press Email
By: Associated Press Email

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June 9, 2009

The Treasury Department has approved 10 of the nation's largest banks to repay $68 billion in government bailout money.

The department says the banks, which were not named, will be
allowed to repay the money they received from the $700 billion
emergency rescue fund created by Congress last October at the
height of the financial crisis.

The banks have been eager to get out of the program to escape
government restrictions such as caps on executive compensation.

Among the banks that passed government "stress tests" last
month and likely were approved to repay the bailout funds are:
Goldman Sachs Group Inc., JPMorgan Chase & Co., and American
Express Co.

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