Geithner says $700B bailout program will end soon

[The Northerner]

WASHINGTON — Treasury Secretary Timothy Geithner affirmed on Wednesday the administration's intent to soon end the $700 billion financial bailout program.

Geithner did not provide details, but said the government is close to the point at which "we can wind down this program" and end it.

"Nothing would make me happier," he told the Senate Agriculture Committee.

Some lawmakers have been agitating for an exit from the politically unpopular bailout program, approved by Congress at the height of the financial crisis in October 2008 as a way to supply banks with fresh capital.

Geithner also said legislation to bring transparency to the global, unregulated $600 trillion derivatives market was needed soon to restore confidence in the U.S. financial system.

Read more: http://www.google.com/hostednews/ap/article/ALeqM5jEzYsWgiG-OzwRXulLCZlcXBUoAAD9CBAEA80

[metapunditedgy]

1. Wait... it was supposed to turn a profit for taxpayers! Did it turn a profit??? n/t

[Yupster]

2. Bank Of America just announced today

that they're paying back the $ 45 billion plus interest that they borrowed by the end of this month.

They're selling preferred stock and using available cash to pay the government back.

Don't know if it's possible to say how it will turn out yet, but quite a bit has already been payed back with interest and more will be.

[TwixVoy]

3. LOL ROFL

Bank of America just posted a $1 billion LOSS.

Yet they are able to pay back $45 billion.

Yea using cash brought in from the stock market.... no doubt from investments from common citizens via 401Ks and other investment vehicles. It's all a game.

[metapunditedgy]

4. I also read that the Fed is not sure they want to allow some banks

to pay back just yet. If the banks are unstable, then we're right back where we started. But I guess it does call the Fed's bluff... why bail the banks (and all their cousins) out anyway?