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Positive news? Bank of America CEO eyes TARP repay in April: report

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March 25, 2009 – Comments (4)

Bank of America CEO eyes TARP repay in April: report Wednesday March 25, 2009, 11:17 am EDT Buzz up!
Bank of America Corporation

NEW YORK (Reuters) - Bank of America Corp (NYSE:BAC - News) Chief Executive Kenneth Lewis said the largest U.S. bank wants to start repaying $45 billion of federal bailout money next month, after completing a government stress test, the Los Angeles Times reported on Wednesday.

Related QuotesSymbolPriceChangeBAC7.83+0.61{"s" : "bac","k" : "c10,l10,p20,t10","o" : "","j" : ""}

Lewis had previously said he hoped to pay back all of the money Bank of America took from the $700 billion Troubled Asset Relief Program as soon as later this year, without saying when repayment would begin.

The Charlotte, North Carolina-based bank took $20 billion of the bailout Monday as part of a January rescue in which the government agreed to share losses on $118 billion of troubled assets. About three-quarters of these assets came from Merrill Lynch, which Bank of America bought on January 1.

Bank of America shares rose 76 cents, or 10.6 percent, to $7.91 in morning trading, as U.S. bank shares rallied broadly.

(Reporting by Jonathan Stempel, editing by Maureen Bavdek)

4 Comments – Post Your Own

#1) On March 25, 2009 at 12:41 PM, MikeMark (29.48) wrote:

Yes, it's very positive news. It also points out how unnecessary any of the so called bailouts have been. May we have no more.

By the way, did you know that most of the people of the US were against the bailouts? Many sent letters and emails to their Senators and Representatives. Those letters and emails were ignored.

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#2) On March 25, 2009 at 1:08 PM, DemonDoug (84.09) wrote:

He's lying, or he's using Federal Reserve money, basically borrwing from the left hand to pay the right, either way, both BoA and Lewis are immoral, horrendous people who deserve to be arrested, tried, convicted, and thrown in jail for fraud, fraudulent conveyance, and racketeering.

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#3) On March 25, 2009 at 1:23 PM, camotop (21.64) wrote:

DD...Enough of the witch hunting already.  Your statement as it stands is libel.  If you're going to make those kind of allegations, please do edify us with substantiating examples. 

 

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#4) On March 25, 2009 at 5:52 PM, rd80 (98.21) wrote:

BAC has $49 billion of preferred outstanding with the government. 

Things may have improved since they needed to take a second trip to the TARP trough in January, but I don't see how they've improved enough for BAC to suddenly have an extra $49 billion laying around and the stock price isn't high enough for a new offering to make sense.

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