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Bachus Statement On Goldman Sachs TARP Repayment


WASHINGTON, Apr 14 -

- Congressman Spencer Bachus (AL), the top Financial Services Committee Republican, issued the following statement regarding Goldman Sachs' announcement that it will be returning $10 billion in TARP funds:

"Goldman Sachs' announcement that it intends to return $10 billion in TARP funds to the Treasury - and the fact that taxpayers can expect a substantial return on their investment - is welcome news for those of us who support an exit strategy from government intervention in the marketplace."

NOTE: Reuters reported today that: "Goldman Sachs Group Inc sold $5 billion of stock to help fulfill what it called its ‘duty' to repay a federal bailout. ... The sale of 40.65 million shares at $123 each gives the bank roughly half what it needs to return the $10 billion of taxpayer money it took from the Troubled Asset Relief Program."