Treasury Department Releases Amount To Be Invested In Bank Capital Purchases - Which Banks And How Much
The Treasury Department has revealed the amount currently authorized to be invested in bank capital purchases for each financial institution taking part in the $700 billion Troubled Asset Relief Program ("TARP") under the Emergency Economic Stabilization Act of 2008 (the "Act"). The amounts authorized to be invested in senior preferred shares and warrants range from $25 billion each for Citigroup, JPMorgan Chase and Wells Fargo to $2 billion for State Street. Meanwhile, Bank of America, Bank of New York, Goldman Sachs, Morgan Stanley and Merrill Lynch all fall between the $15 billion to $3 billion range.
The Treasury Department has previously announced that under TARP it would place up to $250 billion into certain U.S. financial institutions and their holding companies. Click here for today's report, which is sure to be followed by others given Treasury's commitment to transparency and disclosure under the Act. Bookmark this website for all the latest news regarding both the Act and TARP.
