<img src=" http://www.joplinglobeonline.com/images/zope/wednesday.gif" border=0> Goldman Sachs to repay $10 billion in government funds

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June 17, 2009

Anonymous The Joplin Globe Wed Jun 17, 2009, 07:58 AM CDT

(AP) — Goldman Sachs says in a letter to high-ranking lawmakers that it is ready to repay a $10 billion government investment.

The bank made the disclosure of the planned Wednesday repayment in a letter to high-ranking congressmen and senators on Tuesday.

Goldman is one of 10 large U.S. banks that obtained approval last week to pay back a total of $68 billion received as part of the government’s $700 billion Troubled Asset Relief Program. The program was aimed at reviving the stagnant credit and lending markets.

Wednesday is the first day banks are eligible to begin repaying the investments.

Morgan Stanley is also expected to repay on Wednesday the $10 billion it received, according to a person familiar with the talks between the bank and the government.

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