Bank of America & $45 Billion Payback!

Remember all that money we gave out to these banks? Looks like a little more of it is actually coming back to us, as Bank of America plans to pay back $45 Billion this week, from the bailout money they got this year.

The TARP money they return will be a mix of cash on hand and capital raised for the payment. This news has sent the Bank of America stock rising, and improves chances for the investment, lending and financial sector powerhouse to find a new CEO soon, as paying the federal loan back gets rid of pay restrictions currently in place on the bank.

Other banks including Goldman Sachs Group, JPMorgan Chase & Co. and Morgan Stanley, have also repaid their bailout money, up to a total amount of $72.3 billion. Still a long way from the grad sum we gave out, but I guess every billion counts.

Bank of America & $45 Billion Payback!
chron.com

Bank of America Corp. said Wednesday it plans to repay its $45  billion in government bailout funds in the next few days, a move that will help the troubled bank recruit a new CEO. The bank said in a statement it would use available cash and raise $18.8 billion in capital to repay the money, which it received during the height of the credit crisis last year and after its purchase of Merrill Lynch & Co. earlier this year...

Bank of America & $45 Billion Payback!