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U.S. Treasury Said to Invest in Nine Major U.S. Banks

The Bush administration will announce a plan to rescue frozen credit markets that includes spending about half of a total of $250 billion for preferred shares of nine major banks, people briefed on the matter said.

The companies are Citigroup Inc., Wells Fargo & Co., JPMorgan Chase & Co., Bank of America Corp., Goldman Sachs Group Inc., Morgan Stanley, State Street Corp., and Bank of New York Mellon Corp., the people said. One of the people also said Merrill Lynch & Co. will receive an investment.

Webmaster's Commentary: 

Whose money is it bailing out these banks?

Yours.

What Paulson has just told US taxpayers - and the world - is that these banks, which were supposed to be in reasonably decent shape financially.....really aren't.

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Posted on Oct 14, 2008 at 08:34
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