Citi, Wells, U.S. Disagree on TARP Payback - TheStreet

NEW YORK (

TheStreet

) --

Citigroup

(C) - Get Report

disagrees with the U.S. government on how much it should raise to repay taxpayers, according to reports.

Citigroup's talks on repaying the government's Troubled Asset Relief Program may not finish for weeks or even months,

Reuters

reports, citing people briefed on the matter.

A report from

Bloomberg

, however, says Citigroup's CEO Vikram Pandit is pressing the Treasury Department and regulators to agree as soon as this week on a plan to pay back $20 billion remaining from a government bailout.

Citigroup's Pandit wants an agreement in place this week or next, people familiar with the matter told

Bloomberg

.

Citigroup's efforts to repay TARP funds have been moving forward ever since last week's announcement that

Bank of America

(BAC) - Get Report

said it planned to

repay the $45 billion

it owes the federal government.

TheStreet.com's

Laurie Kulikowski suggests that Citigroup shouldn't be distracted by Bank of America's plan and instead work toward its goals of

slimming down and working through large consumer credit losses

.

A report Monday said Citigroup has about 10 days to

begin repaying

the $20 billion of bailout funds or it will have to wait until after it reports fourth-quarter earnings in mid-January.

Wells Fargo

(WFC) - Get Report

also is looking to exit TARP, the

Wall Street Journal

reports, and is locked in the same kind of disagreements with the U.S. government on how much capital it needs to raise. The

Journal

says Wells Fargo was told it would have to raise billions of dollars in new capital.

Citigroup, which is 34%-owned by the U.S. government, has received $45 billion in bailout money; Wells Fargo has received $25 billion.

-- Reported by Joseph Woelfel in New York

.

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