Bank of America Announced to Pay Back $45 Billion in Bailout Money

On Wednesday it has been announced by Bank of America that it will pay back the $45 billion it received from the Troubled Assets Relief Program, or TARP.

In response to the positive news from America’s largest bank both the U.S. dollar and euro has shown a rise.

The announcement has highlighted the speedy recovery of U.S. banks that received bailout funds.

On Wednesday it has been said by Treasury Secretary Timothy Geithner that the Obama administration is planning to “wind down” the $700 billion bailout program, and that they will use the “substantial” remaining funds in order to pay down the national debt.

The money received by Goldman Sachs, Morgan Stanley and a number of smaller banks have already been paid back, netting the U.S. a profit of $4 billion by the end of August.

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Tagged as: Bank of America, Banks, euro, national debt, News, news about US banks, TARP, Troubled Assets Relief Program, U.S dollar, U.S. banks