10 Banks To Repay TARP

The tea-baggin' Republicans' cries of socialism sound even weaker now:

"The Treasury is preparing to announce today it will let 10 banks buy back government shares, people familiar with the matter said, signaling confidence some of the largest U.S. lenders won’t again need a taxpayer rescue.

JPMorgan Chase & Co. is among those cleared to repay Troubled Asset Relief Program funds, a person said on condition of anonymity. Goldman Sachs Group Inc., American Express Co. and State Street Corp. are also among those that have sold shares and debt unguaranteed by the government, demonstrating they can raise funds without federal aid."

Government ownership was never going to happen, but the fear, however unhealthy and counterproductive as it was, was the only thing conservatives had to scare their base to blindly follow them. A competent Obama scares the shit out of them.

Still a long way to go. We'll see how this encouraging news is reported on.

Source: Bloomberg