The Treasury/fed has accepted this so called preferred stock that may are may not have value for debt owed. And how do they convert this into cash?? You maybe could sell it today, and what would it bring?? In short, the tarp was paid back by a sell of stock to the fed, which in my opinion the Fed has no legal authority to make, stock which has no current market value, but lets the sheep in fly over land think they got paid. well damn. Changed the names but now they get to lie about their balance sheet.
The banks have not repaid TARP by selling stock to the Federal Reserve.