Banks Giving Back
As we noted yesterday, a number of the biggest banks are pushing to return their TARP money. This morning, sources whisper to the Financial Times that the government will probably approve a group of five or so big banks all at once, rather than one at a time. One pressing question is how much the Treasury will accept for the warrants it holds of these banks' stock. Analysts say the Treasury accepted far too little in exchange for the warrants it held in a smaller Indiana bank that returned its TARP money, the first publicly traded company to do so.
Other links:
Local Banks Face Big Losses (WSJ)
Obama to Sign Bill Creating Commission to Study Meltdown (AP)
FDIC Weighs Fee That Would Hit Big Banks Harder (WSJ)
Lehman Seeks Probe into Sale to Barclays (FT)
As big banks return their TARP money, Fannie Mae and Freddie Mac continue to be a drain.
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