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Treasury confirms TARP payments from GM, Hartford

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Treasury confirms TARP payments from GM, Hartford

Automobiles Banks Hartford Financial Services Group Inc


AlertEmailPrintShare By Darrell A. Hughes

WASHINGTON (MarketWatch) -- The U.S. Treasury Department on Friday confirmed $4.4 billion in payments from two companies that received funds from the Troubled Asset Relief Program.

Hartford Financial Services Group, Inc. (HIG 29.10, +0.22, +0.76%) repaid $3.4 billion to repurchase preferred shares, while General Motors Co. repaid $1 billion, a regularly scheduled payment.

The Hartford payment was previously reported by the Wall Street Journal. The U.S. Treasury continues to hold warrants to purchase about 52 million shares of Hartford's stock at an initial exercise price of $9.79 a share. Hartford confirmed Wednesday it doesn't plan to repurchase the warrants.

TARP repayments, including those announced Friday, total $181 billion, according to Treasury. "Total bank investments of $245 billion in fiscal year 2009 that were initially projected to cost $76 billion are now projected to bring a profit," Treasury said in a statement.



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One billion less to pay... unless they went to the bank to get money to pay the Government :lol:

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