Banks to repay TARP money

Some good news. Ten BIG banks have been deemed financially strong enough to leave the TARP rolls and repay $68.3 billion to the taxpayers. [New York Times]

The $68.3 billion represents about a quarter of the TARP money given to banks. So far, 22 small community banks have been allowed to return $1.9 billion in government money.

“These repayments are an encouraging sign of financial repair, but we still have work to do,” the Treasury secretary, Timothy F. Geithner, said.

It does appear to be a good sign that the economy and the financial mess may be overcome.

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