BB&T Repays TARP

Today, Market Watch published an article announcing that BB&T has made a bold move to pay back its TARP loans. It is no surprise that John Allison IV, the CEO of BB&T, makes all of his senior staff read, “Atlas Shrugged.”

BB&T said Wednesday it will pay about $3.1 billion to the Treasury to repurchase its preferred stock, plus a final dividend payment of about $13.9 million, to exit the Troubled Asset Relief Program. BB&T has also notified the Treasury that it will buy back the outstanding warrant associated with TARP, which allows the Treasury to purchase up to 13.9 million shares of the company’s common stock.

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