Bailout Update: $179.5 Billion for 94 Banks
While you’ve been going about your daily life, the Treasury Department has been busily signing up banks who want a piece of the bailout pie. By our count, 94 banks have so far been approved to receive a total of $179.5 billion. (Treasury is buying preferred shares in the banks, which will pay out 5% annually.)
The government is shoveling that money out the door as fast as it can. At least 11 banks announced today that they’d closed the deal with Treasury, bringing the total actually invested to $150.2 billion.
It’s a sum that’s sure to keep on growing. $250 billion of the $700 billion bailout bill was set aside to juice the nation’s financial institutions (notably including insurers and other financial service companies) via the Capital Purchase Plan, so about $70 billion remains. We’ll keep updating our list as the money’s doled out.
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