posted on Oct, 14 2008 @ 06:02 AM
250B TREASURY INVESTMENT PLANNED IN CITIGROUP, BANK OF AMERICA, WELLS FARGO, MORGAN STANLEY, GOLDMAN SACHS, JP MORGAN, BANK OF NEW YORK, STATE
"Not all of the banks involved are happy with the move but agreed under pressure from the government."
None of banks getting government money was given a choice about it, said one of the people familiar with the plans. All of the banks involved will
have to submit to compensation restrictions, said the person.
The Treasury plans to spend $25 billion each for stakes in Citigroup and JPMorgan, people said. Another $25 billion will be divided between Bank of
America and Merrill, which agreed last month to be acquired by Bank of America. Goldman and Morgan Stanley will each get $10 billion, while State
Street and Bank of New York will get injections of about $3 billion each, people said.
Bush Administration to formally notify Congress that it intends to use the next $100B available under the $700B rescue plan. (It's only been a week,
and yet here comes installment #2)