I have just finished reading an article regarding the pay back of TARP funds by 7 banks and banking institutions. The total sum to be repaid is $68 billion dollars. Guess that this will put to rest the grumblings by the far right that the government is trying to take over the banking industry, when in actuality, the government was merely lending monies to these institutions until they could get their financial underpinnings shored up. Among those who are going to be repaying monies are JPMorgan, Goldman Sachs, and Morgan Stanley. Regulators’ stress tests of bank balance sheets gave Goldman Sachs and JPMorgan a clean bill of health. Morgan Stanley was required to raise $1.8 billion in fresh capital, a task it completed not long after the tests’ results were announced.
Together these three banks received $45 billion in TARP funds. Reuters reported on Morgan Stanley’s plans yesterday, the CEO of Goldman Sachs, Lloyd Blankfein, announced the plans for the payback in a letter to lawmakeers, and CNBC reported JPMorgan’s plans this morning. I already knew this information as the president had informed the American people of these pay backs last week,in a news conference covered by CNN.
In other news regarding the economy, Chrylser just announced their plans to RE-OPEN 7 of it’s plants. From Fox News (local), The company confirmed that factories in Sterling Heights and Warren, Mich.; St. Louis; Toledo, Ohio; Brampton and Windsor, Ontario; and Toluca, Mexico, would restart operations.
It would appear that the plan to strengthen our economy and banking industry may be working, contrary to what the far right naysayers may be trying to tell us.
Sources:
http://www.dailyfinance.com/2009/06/17/jpmorgan-goldman-sachs-join-morgan-stanley-in-tarp-exit/
FOX2now.com
From My Corner Of The World 