NEW YORK (CNNMoney.com) - Treasury Secretary Timothy Geithner said Tuesday he expects a wave of banks to soon return government bailout money to taxpayers.
"It will depend on the institution, but for major banks in the country I think that money will come back relatively quickly," he said.
Speaking before the annual meeting of Securities Industry and Financial Markets Association in New York, Geithner offered few details on when those repayments could happen and from which companies.
Lenders that received taxpayer aid under the Treasury's Troubled Asset Relief Program, or TARP, have already returned nearly $71 billion to taxpayers, helped by renewed interest by private investors in the banking industry.
Still, some $134 billion remains invested in hundreds of community and regional banks as well big bailout recipients like Citigroup and Bank of America.
Both companies have been anxious to get out from under the government's thumb, given the level of scrutiny on such issues as how they compensate their employees.
As two firms that were recipients of "exceptional" government assistance, they were required to submit compensation packages for their top 100 most-highly compensated employees to the White House "pay czar."
Geithner's comments Tuesday were tempered, however, by his expectations for automakers General Motors and Chrysler, both of whom double dipped on bailout money.
Even as both firms are putting massive restructuring plans into actions, the Treasury chief warned that it could take some time before either company returns taxpayers funds, especially if nationwide auto sales continue to remain weak.
"It will take time to get out of those companies," he said.
Now who on earth would believe a tax cheat?
TARP money invested in GM and Chrysler is peanuts compared to TARP money in banks and AIG.
I am glad the administration is making it uncomfortable for bank executives, it should, that way they will pay us back sooner then, restrict credit swaps and derivative selling to a higher percentage of funds on hand. That way we will never have to spend another 180B to bailout an AIG.
Does this affect the deficit? Just curious. Anyone?
What we really need to know is that Tiny Tim Tax Cheat Geithner's personal tax evasion dollars are coming back to the government coffers...!
Probably we will end up writing off that 'investment' in GM and Chrysler. Propping up these companies was not one of Obama's finest decisions it turns out...even after they both went bankrupt.
Turbo Tax cheat Tim Geithner.............really hard to respect anything this tax cheat has to say. Tells us to pay our taxes............but he doesn't have to pay his.
Gee... the feds start making noises about capping the pay of CEOs whose companies accepted federal bail-out and, guess what?, the companies return the money. I wonder why that is?
TARP paybacks are primarily because American Companies are highly motivated to not have Obozo's big government beurocrats and the Pay Czar controlling their businesses!
Yes, indeed pay the American Tax Payer back WITH interest!
Those overpaid CEOs are essentially a design to evade taxation for the corporations. Uncle Sam has been robbed too many times over.
Awesome! I will be waiting for my dividend check...
And if this should happen does he line his and the rest of the chicago mafia's pockets with it or does it go to the national debt? Feel certain the current mis-administration will find a way to blow it. What a slimey little tax cheat!!!
I dont trust this guy. He was in charge of wall street with the financial institution collapes. What the hell was Obama thinking. He probably doesn't know much about the financial scheme that goes on. You can tell by his action. Including Obama picking Larry Summers, a corrupt economist who help deregulate wall street during President Clinton's last year in office. Obama! Fire these corrupt bankers who know the Federal Reserve secret but do nothing to shine the light on corrupt "private" company.
Little Timmy, living in his life of fantasy. At the taxpayers' expense !
What about the foreign banks who cashed in?
Timmy baby--we really want to know what our profit is on these investments. I kinda remember we were going to make a killing on these TARP investments...all I see is that we taxpayers are being paid back. That doesn't sound like profits are coming, just a return of our investment. Where are the profits going....I would like you to tell us where the profits are and how much we have earned so far, including a clearly stated disclosure as to how much the TARP recipients and their related parties are giving to the DEM and GOP campaign coffures!!! Make us believe our profits are not going there!!! Sorry I don't trust you. Your credibility depends upon it, as does Mr Obama's chances for a second term. That issue will be the critical issue in 2010 an 2012.
We should get every penny back with interest and no exec bonuses until they pay us back. That includes Goldman Sachs and includes the taxpayer money that they got directly from TARP as well as the money they got from AIG. I don't believe in welfare....not welfare for lazy people and not welfare for wealthy banks. Tim Geitner has proven to be just as clueless as Hank Paulson.
Another Brain Washed Republican,
Sooooo , When do I get my check ? Yeah I thought so . More Obama smoke and mirrors ,,,, saw that comming before they spent it!
What is missing from the conservation is the trillions of money printed by the Fed and loaned an virtually no cost to these banks to prop them up. When are they going to repay those funds and pay for the inflation caused by this action?
It is time for strict regulation of the banks and Wall Street. The more these miscreants squeal the more regulation is needed. Tighten the screws until they stop squealing!
more lies from the number one Obama TAX CHEAT.
It will take some time, but I think the money will come back. Okay I think most of it will come back. I just don't think that I like big bonuses being paid out while we the taxpayer are still owed money in the billions.
Well since the Banks of USS Obama are going to start charging over 30% interest on credit card balances and only pay out a half percent interest on bank accounts its no wonder the Bank of Obama will be paying back some of the tarp money,or should I say the taxpayers money. Obama is evil.
were's my bailout from the greedy Bank of Obama.
Too bad the Bank of Obama is thriving on the backs of the American taxpayers. Can anybody say IMPEACMENT.