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For immediate release - January 16, 2009
Treasury, Federal Reserve, and the FDIC Provide Assistance to Bank of America
The U.S. government entered into an agreement today with Bank of America to provide a package of guarantees, liquidity access, and capital as part of its commitment to support financial market stability.
Treasury and the Federal Deposit Insurance Corporation will provide protection against the possibility of unusually large losses...
...the Federal Reserve stands ready to backstop residual risk in the asset pool through a non-recourse loan.