Wells Fargo is selling $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 San Francisco-based bank’s announcement comes hours after Citigroup said it will repay $20 billion worth of taxpayer funds.
The move will extricate Wells Fargo from the pay restrictions and close oversight that came with the bailout program.
To think I was actually worried that Wells Fargo and Citigroup executives would be limited to $500,000 salary caps. How could they possibly get by if they couldn’t afford financing on those gold-plated toilets?
Kudos to the Obama Administration.