Seven Banks Have Now Paid Back TARP
Source: http://feedproxy.google.com/~r/TheGoodNewsEconomist/~3/PVoohP-3mCw/seven-banks-have-now-paid-back-tarp.htmlPosted on Tuesday, April 21st, 2009 | In Economics, Financial, Market Commentary
According to government accounting, seven banks have now paid back their TARP monies. And for many reasons a whole host of banks are now racing to pay back their obligations to the US Treasury.
To date $467,310,000 has been paid back. In addition those seven banks have paid the accrued dividends associated with the TARP program terms.
Treasury Secretary Geithner’s underscored the government program success on Tuesday stating that “the vast majority” of banks now have enough capital. Geithner also told a congressional committee that additional banks would be allowed to repay financial bailout funds once bank regulators give the nod.
And continuing the string of better-than-expected financial sector earnings, the following banking and financial firms beat First Call income estimates on Tuesday:
- First Cash Financial Services (FCFS)
- Huntington Bancshares Inc. (HBAN)
- Jefferies Group Inc. (JEF)
- Regions Financial Corp. (RF)
- State Street Corp. (STT)
- US Bancorp (USB)
- Western Union (WU)
More evidence that the stock market rally will continue to be fueled by earnings news that is clearly not as bad as expected – particularly in the financial sector that was decimated last year.
Last 5 posts by Eldon Mast
- Good News Wrap - First Week of Sept - September 8th, 2009
- Mr. Roubini, Please Have a Seat Already - April 26th, 2009
- Not All Banks Increased Loan Write-Offs in Q1 - April 24th, 2009
- Four More Analysts Call Market Bottom - April 17th, 2009
- No Basis For Earnings Fear - April 14th, 2009
 About Eldon Mast (http://mast-economy.blogspot.com/)
Eldon Mast has been investing since the time he earned his first dollar back in the 1970s. He is particularly interested in how moods effect the market. In good times and bad, he has observed a peculiar fascination by the mainstream media on "bad news." He has also observed in business and investing that there is always a silver lining somewhere. You just have to find it. And when he finds it Mr. Mast enjoys talking about it and writing about it. It is out of that interest that the Good News Economist Blog was born. As a valedictorian of his class, Mr. Mast holds a B.S. in Computer Science from Millersville University of PA, and enjoys writing about and marketing anything, technical, computer, internet, or finance related. |
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