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Thursday, December 3, 2009
News / Biz Bank of America giving the money back
Posted By Rhiannon Fionn-Bowman on Thu, Dec 3, 2009 at 11:46 AM
Here's a list of banks that accepted TARP money, and which ones have paid it back. (Click here.)
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 has been searching for a successor to CEO Ken Lewis since the bank announced in late September that he planned to retire on Dec. 31. But the bank, burdened with government restrictions and close oversight after accepting the Troubled Asset Relief Program funds, has so far been unable to sign a new chief executive.
Further reading: Betting on banking careers
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