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BREAKING NEWS

US taxpayer's dollars start journey home

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US taxpayer's dollars start journey home

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Bank of America has created the surprise of the week so far by announcing it will repay 45 billion dollars of taxpayer bailout funds over the next few days.

It is a welcome shot in the arm for the US Treasury, which has been heavily criticised for throwing good taxpayer money after bad to keep Wall street going. It appears to vindicate the Treasury’s strategy, and analysts say other rescued banks may now follow BOA’s lead.