Bank of America tells government to get out

In a move that will probably be heralded as the success of the TARP program, Bank of America is buying the government back out so they can run their own company. Good for them, it's time for all the banks to kick the government out before they ruin the banking business.

BofA to Repay $45 Billion in TARP: "Update: Press Release from BofA: Bank of America to Repay Entire $45 Billion in TARP to U.S. Taxpayers

From CNBC: Bank of America Out of TARP, Says Gasparino (ht Mr. Mortgage)

CNBC’s Charlie Gasparino tells the desk that Bank of America is going to repay $45 billion and get out of the TARP program.

And they will raise capital over the next few days, he adds.

From the WSJ: Bank of America to Repay $45 Billion in TARP

The bank plans to raise about $20 billion in new capital ... a move required by federal regulators to ensure the bank has sufficient capital reserves and won't need to come back to the government for additional aid.