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U.S. Sees $4B From Bailed Out Banks: Report

The U.S. government has collected profits of about $4 billion from eight of the biggest banks that have fully repaid their obligations from the federal rescue of the banking system, a report says.

WASHINGTON (

TheStreet

) -- The U.S. government has collected profits of about $4 billion from eight of the biggest banks that have fully repaid their obligations from the federal rescue of the banking system last year, a report says.

The government has taken profits of about $1.4 billion on its investment in

Goldman Sachs

(GS) - Get Report

, $1.3 billion on

Morgan Stanley

(MS) - Get Report

and $414 million on

American Express

(AXP) - Get Report

, the

New York Times

reports.

Northern Trust

(NTRS) - Get Report

,

Bank of New York Mellon

(BK) - Get Report

,

State Street

TST Recommends

(STT) - Get Report

,

U.S. Bancorp

(USB) - Get Report

and

BB&T

(BBT) - Get Report

each brought in $100 million to $334 million in profit, the

Times

notes.

The U.S. government also has collected about $35 million in profits from 14 smaller banks that have paid back their loans, the

Times

reported.

The profits from the $700 billion Troubled Asset Relief Program, signed into law in October, have spurred hopes the U.S. government could soon get out of the banking business, the

Times

notes. Critics of the law were concerned taxpayers might not see any profits under the program, and that it could take years for the banks to repay the loans.

-- Reported by Joseph Woelfel in New York

.

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