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Banks, U.S. Spar Over TARP Repayment

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"Citigroup Inc. and Wells Fargo & Co. are wrestling with the U.S. government over how much capital the banks will be required to raise to exit from the Troubled Asset Relief Program, according to people familiar with the situation," the Wall Street Journal reported. "Citigroup is looking to redeem $20 billion in preferred stock, while Wells Fargo got $25 billion from TARP. Citigroup executives have been told they need to raise $20 billion in common stock to leave TARP, these people said. Wells Fargo was told it would have to drum up billions of dollars in new capital."