I think this is good news. I hope more companies follow the lead set by Bank of America. The question is what will the government do with the money.

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Bank Of America To Repay The Entire $45 Billion Of Bailout Money

Bank of America Corporation (BAC: 16.13 +0.48 +3.07%) said on Wednesday that in a few days it will repay the entire $45 billion of bailout money it has received from the government for its participation in the Troubled Asset Relief Program (TARP) at the height of the credit crisis last year and after its purchase of Merrill Lynch & Co. earlier this year.

The move will free the bank from government involvement in its affairs and pay restrictions, even though the Treasury will hold BofA warrants. Also, the TARP repayment will make it easier for the bank to recruit a new chief executive to replace outgoing CEO Ken Lewis.  –more

Washington Times cutting staff up to 40 percent

Jonathan Slevin, acting publisher and president of the Washington Times, outlined a new plan for the beleaguered newspaper and spoke of “significant staff reductions” at a meeting this afternoon.

All staff received notices at the meeting that informed them they’ll be working at the Times for at least 60 more days, but it’s unclear who will be laid off at this time. However, management is putting the number at around 40 percent, according to sources.  –more

Related financial articles

• Help (still) wanted: Bank of America CEO (money.cnn.com)
• Was ’screw the shareholders’ BofA’s attitude? (money.cnn.com)