Wednesday, 15 October 2008

$100 billon in 9 biggest banks

SAN FRANCISCO (MarketWatch) -- The Treasury agreed to invest more than $100 billion in nine of the largest U.S. banks, including Citigroup, J.P. Morgan Chase and Wells Fargo, in a move that effectively nationalizes part of the country's financial system.

Treasury is investing $25 billion in senior preferred shares of Citigroup and another $25 billion in the same type of securities issued by J.P. Morgan Wells Fargo is getting $25 billion to $20 billion under the same deal, the Wall Street Journal reported.
Bank of America is getting $15 billion, while Merrill Lynch will receive $10 billion from the Treasury.
Morgan Stanley and Goldman Sachs each agreed to government investments of $10 billion, while Bank of New York Mellon will get $3 billion and State Street will receive $2 billion.

(source: http://www.marketwatch.com/news/story/nine-largest-us-banks-getting/story.aspx?guid=%7BF3935594%2D9048%2D4BE1%2DA98D%2D4D9759A90DF9%7D)

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