Raymond James Financial said Tuesday that it has notified federal regulators that the St. Petersburg investment firm is withdrawing its application to seek TARP (Troubled Assets Relief Program) funds from the Treasury Department. Raymond James, which is in the process of converting to a bank holding company, said last November that it would apply for TARP funds — as were most large banking and Wall Street firms at the time — to replace lost credit lines. That is no longer necessary, the company said. "We believe the company has adequate internal funds and/or available sources of funds to obviate the need to participate" in the federal program," said Raymond James CEO Tom James.
Raymond James Financial: We don't need TARP funds after all
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