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Banks soon to repay borrowed billions

June 12, 2009

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— Banks will be able to start repaying federal bailout money on Wednesday, according to two people familiar with the talks between the banks and the government.

Morgan Stanley, and possibly JPMorgan Chase & Co., are among the institutions expected to return their federal funding next week, these people said on Thursday, speaking on condition of anonymity because the talks are confidential.

Earlier this week, the Treasury Department said it would allow 10 of the country’s largest financial companies to pay back $68 billion in funding from the Troubled Asset Relief Program, or TARP.

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