Bank of America Will Repay $45B TARP Loan

Move will help bank rid itself of government restrictions
By John Johnson,  Newser Staff
Posted Dec 2, 2009 5:07 PM CST
Bank of America wants to repay its TARP loan.   (AP Photo/Craig Ruttle, File)

(Newser) – Bank of America is joining the ranks of banks that have repaid their TARP loans. The bank will repay $45 billion to the Treasury Department to begin ridding itself of restrictions on pay and other matters. BofA plans to raise $20 billion in capital to beef up its reserves and prevent it from returning with outstretched hands. Another nugget from the Wall Street Journal: The man who negotiated the deal, chief risk officer Greg Curl, may soon become the bank's interim CEO.

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