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First Four Banks repay TARP Funds in 2009

From an article in the Washington Post:
Four regional banks from around the country yesterday became the first firms to repay emergency aid from the government, but the show of strength also underscored concerns about the health of a key element of the federal economic recovery program.

The largest bank to exit, Signature Bank of New York, which returned $120 million, said it was acting to avoid the effects of congressional restrictions on aid recipients, including limits on pay that could drive away its most productive employees. Chief executive Joseph J. DePaolo also said that the aid had become an undeserved scarlet letter because of public perception that the program was being used to save troubled banks, rather than buttressing healthy firms.

Read the rest of the article here in the Washington Post

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