Wells Fargo to Repay TARP Without Raising New Equity (Update2)

I should control my cynicism but it just gives me such a thrill to see another bailed out financial institution doing so well. It's nice to see Mr. Buffett speak so highly of how things are being handled by this Administration, he doesn't have any vested interest - right?! - MBC

http://www.bloomberg.com/apps/news?pid=20601087&sid=aorL3gHBnGsI

"...Wells Fargo & Co. plans to repay the U.S. bank bailout program “shortly” without raising equity, a tactic that would protect the value of stakes held by investors including Warren Buffett’s Berkshire Hathaway Inc.

“We will pay it back, but we’re going to pay it back in a shareholder-friendly way,” John Stumpf, president and chief executive officer of the San Francisco-based lender, said today in an interview on Bloomberg Television, referring to the TARP funds. “We are now earning capital so quickly, organically, we don’t want to dilute our existing shareholders.”