bank of america: Breaking News: Bank of America Announces It Is Refunding The US Government $45 Billion in TARP Funds
- 12/02/09 10:22 AM
Bank of America has just released a press releasing stating it is going to refund the U.S. Government $45 Billion in TARP funds, plus interest. Under the terms of the TARP agreement, Bank of America is repurchasing the 600,000 share of preferred stock it issued to the U.S. Treasury. It plans to repay the $45 Billion using $26.2 Billion in excess liquidity, as well as $18.8 Billion in proceeds from the sale of "common equivalent securities" it plans to convert into common stocks. It also plans to increase liquidity by $4 Billion through "asset sales" by June 30, 2010. Could … (12 comments)
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Bank of America has just released a press releasing stating it is going to refund the U.S. Government $45 Billion in TARP funds, plus interest. 
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