Today BoA paid back TARP funds so they could pay a new CEO absurd amounts of executive compensation. That leaves Citigroup as the only TARP recipient who has not paid back the money from the $700 Billion.
The New York Times on Citigroup:
it may be difficult for the bank to reimburse the government anytime soon, given continuing problems with troubled assets and loan losses. It also must navigate some tricky tax issues that would accompany any repayment.
Citigroup has been pummeled in all parts of its financial empire, from credit cards and complex mortgage bonds in the United States to exposure to soured bonds in Dubai.
Its problems have resulted in a unique relationship with the government: In addition to providing $45 billion in TARP money, the federal government has agreed to back billions of dollars in soured assets that the bank is trying to sell. In addition, Citigroup was the only TARP recipient, aside from GMAC, to convert government-issued shares into common stock to raise equity capital, giving the government a one-third stake in the bank.