Bank Of America To Repay TARP, Raise Cash

Bank of America Corp. says it plans to repay its government bailout funds and raise capital in the coming days.

The bank issued a statement Wednesday saying it would pay back the $45 billion in government loans it received during the credit crisis last year and after the purchase of Merrill Lynch & Co. earlier this year.

The move would allow Bank of America, which is trying to recruit a new CEO to succeed the retiring Ken Lewis, to free itself from government restrictions on executive pay that come along with bailout funds.

Bank of America said it would use $26.2 billion in available cash and would also sell $18.8 billion in securities.


You must be logged in to post comments.

Username:
Password (case sensitive):
Remember Me:

Read Comments

Comments are posted from viewers like you and do not always reflect the views of this station.
  • by ace Location: plymouth on Dec 3, 2009 at 05:28 AM
    The key words here are "executive pay". It is not about making money for the share holders. Now is the time for stockholders to do something about the outragous pay these guys get with no accountability
WITN

275 E. Arlington Blvd. Greenville, NC 27858 252-439-7777
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 78368882 - witn.com/a?a=78368882
Gray Television, Inc.