Wells Fargo, Citigroup to repay bailout funds

By doris | Published: December 15, 2009

Full Story at msnbc.com

Two of the nation’s largest banking institutions have announced that they will repay the public bailout money, freeing them from the close scrutiny and pay restrictions that came with the rescue program.

Wells Fargo plans to sell $10.4 billion in new stock to help repay all $25 billion in bailout aid it received from the government at the height of the market meltdown last fall.

The announcement Monday from the San Francisco-based bank comes hours after Citigroup said it would repay $20 billion worth of taxpayer funds.

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