Wells Fargo to Repay $25B in Bailout Aid

(AP)  Wells Fargo plans to sell $10.4 billion in new stock to help repay all $25 billion in bailout aid it received from the government at the height of the market meltdown last fall.

The announcement from the San Francisco-based bank comes hours after Citigroup said it would repay $20 billion worth of taxpayer funds.

The move will extricate Wells Fargo from the pay restrictions and close oversight that came with the bailout program. The company said it paid $1.4 billion in dividends to the government under the terms of its agreement.

Wells Fargo said it plans to come up with $1.35 billion by diverting some of the money it had set aside for 2009 bonuses and by selling its stock to company benefit plans.

The company also plans to sell $1.5 billion in assets by the end of next year or raise more capital to reach that amount.

[sunday42]

Interesting, you loan someone money and they pay you back with interest. Then you grip because they pay you back? The same people that were all for the bail out now question the motives for the pay back? What ever the motive, be it " obscene bonuses and salaries " or keeping the government out of business, we get our money back! Obscene salaries are quite common just take a look at the entertainment and sports sections of the ecomomy. People make millions a year for standing in the out field scratching their crotches or throwing a ball through a metal hoop in the name of sports and nobody even mentions it. Question the pay back? Amazing!

[starving1968-1]

by apachekid December 14, 2009 9:23 PM EST

And also increase loans to THE AMERICAN PEOPLE that sacrificed and paid dearly with our funds to help them out. We should all be able to purchase a new home, new car, new yacht, new appliances, new swimming pool and the other amenities that go along with living in America. Don't discriminate or limit us because of our race, creed, poor, on welfare, sick, elderly or unemployed. I thought Clinton made that clear. WE can do a lot of purchasing to help this economy. Its time the Banks & President step up & put our money where there mouth is.







You should learn HOW and WHY the banks gave those loans to people that couldn't afford them.

The poor didn't approve the loans themselves, dummbasss.

[MiddleClassWorker]

So all that 'socialism' talk is shown to be what it was; total BS. Glad to see that we finally have a government that is responsible and working towards financial solvency.

[bradkt1]

Isn't it interesting how all of these banks were at death's door 1 year ago and now they are able to pay back all this TARP money only a year later? What happened to all of those bad assets?

I smell a rat...a BIG one!

[bubbadubba]

Isn't it amazing how fast the banks can pay back that money when the government regulates the obscene salaries and bonuses?
And yet still we have idiot Republicans running around preaching "no regulation" of corporations.
What bought and paid for fools Republicans are.