Wells Fargo joins Citigroup, others in exiting TARP

Wells Fargo announced that it will repay the government for the $25 billion it received through the Troubled Asset Relief Program, hours after Citigroup confirmed that it had reached a deal to exit the program. Wells Fargo plans to raise $10.4 billion in a share sale to bolster its capital. "TARP stabilized our country's financial system when confidence in financial markets around the world was being tested unlike any other period in our history," Wells Fargo CEO John Stumpf said. "Now we're ready to fully repay TARP in a way that serves the interests of the U.S. taxpayer."

more at http://www.nytimes.com/2009/12/15/business/economy/15bank.html