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December 19, 2012

U.S. to Sell Bulk of TARP Banks

“The Treasury in 2013 hopes to clear out its portfolio of banks that took bailout funds during the financial crisis, including scores of institutions that have missed dividend payments owed to the government.

Four years after TARP’s launch, the government still owns stakes in 218 banks. Most are smaller institutions, and some are struggling financially—more than half have missed payments they agreed to make when they took bailout funds. Collectively, they owe taxpayers about $7.5 billion.

The Treasury in 2013 plans to sell off its shares in about two-thirds of the remaining TARP banks, a person familiar with the plans said Monday. The rest of the institutions are expected to pay back or restructure investments dating to the 2008 financial crisis, though that part of the process may take longer.”

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Read full Wall Street Journal article here

 
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