Goldman Sachs (GS) Plans To Give Back TARP Money Soon

According to the New York Times, Goldman Sachs (NYSE: GS) is planning to give back its TARP money soon, possibly within the next month. This would a be much earlier timetable than the end-of-year goal previously set out by CEO Lloyd Blankfein.

Goldman is looking at speeding up the timetable related to the AIG (NYSE: AIG) bonus outrage last week and the 90% proposed bonus tax on firm's that received $5 billion or more in government aid. Goldman would fall under this umbrella. Goldman also has the capital to pay back TARP, with a balance sheet with about $100 billion in available cash.

The article said Goldman managers held a series of meetings last week and tentatively decided to give the money back even more quickly than originally planned.

If Goldman is successful in paying back TARP it could put pressure on other banks to give their money back, even if they are not in such a great position to return the money.

Link to NY Times Article

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