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Wednesday marks the first day that banks are allowed to start paying back TARP funds, and U.S. Bancorp(USB Quote) returned $6.6 billion. Morgan Stanley(MS Quote) and Goldman Sachs(GS Quote) will likely follow suit today, with JPMorgan(JPM Quote) and American Express(AXP Quote) expected to begin their repayment later in the week.
In other financial news, 22 U.S. banks received downgrades from Standards & Poor's, including Wells Fargo(WFC Quote) and Capital One(COF Quote).
And E*Trade(ETFC Quote) said on Wednesday that it will use a stock offering as well as debt exchange to raise $1.2 billion. ...
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