News & Analysis
The TARP was back in headlines this week as three major firms, including Comerica, Hartford Financial and Discover Financial Services
March 20, 2010, Saturday, 16:55 GMT | 12:55 EST | 22:25 IST | 00:55 SGT
The TARP was back in headlines this week as three major firms, including Comerica, Hartford Financial and Discover Financial Services, signed deals to pay back their government funds. Discover surprised investors with a sizable quarterly loss, versus expectations of solid profitability. Discover's delinquency rates are improving, however its provision for loan losses continues to grow. In addition, Discover said the Treasury has approved its request to pay back TARP funds. HIG announced it would offer $1.45B of common stock and $500M of convertible preferred stock to pay back the TARP, and CMA said it redeemed the $2.25B of preferred stock issued to the U.S. Department of the Treasury. 
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