Wells Fargo will repay US bailout money

Wells Fargo (WFC) will repay $25B in bailout aid it received from the gov, part of the funds will come from selling over $10B in common stock. The move will extricate WFC from pay restrictions & close oversight by the gov. WFC said it paid $1.4B in dividends to the gov under the terms of its agreement. WFC was up 50¢ in after hours trading. Dow futures were little changed on the announcement but this should give the markets an upward bias when markets open Tues. WFC stock has held up fairly well during the financial meltdown.

•Wells Fargo Plans to Sell $10.4 Billion of Shares to Repay U.S. Bailout

Wells Fargo --- 2 years




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