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Wells Fargo last big bank to pay back TARP

Wells braces to repay $25 billion

Wells Fargo (they own Wachovia Bank, biggest lender hereabouts)  says here it's going to pay back the $25 billion it owes taxpayers under the Troubled Asset Relief Program, partly by selling stock.

We hope that means its loan losses aren't as bad as some bank-watchers feared. We expect the stock will go down like Citigroup's did today when it made a similar announcement.

Both Citi and Wells are paying back immediately following Treasury's attempt to limit boss pay at big-bank TARP recipients.

Meanwhile, PNC and other next-tier and smaller banks that lend money to businesses and developers are still backed by TARP capital and paying TARP dividends. And GM and Chrysler. And AIG and Hartford and Lincoln National.