Wells Fargo completes repayment of TARP

Wells Fargo today redeemed the $25 billion of series D preferred stock issued to the U.S. Treasury under the Troubled Asset Relief Program’s Capital Purchase Program.
As part of the redemption of the preferred stock, Wells Fargo also paid accrued dividends of $131.9 million, bringing the total dividends paid to the U.S. Treasury and U.S. taxpayers to $1.441 billion since the preferred stock was issued in October 2008. As previously stated, by repaying the TARP investment, Wells Fargo will eliminate $1.25 billion in future annual preferred stock dividends. The U.S. Treasury continues to hold warrants to purchase approximately 110 million shares of Wells Fargo common stock at an exercise price of $34.01 per share.

Comment: The TARP they were forced into!