Treasury Makes First Bailout Payments

The U.S. Treasury Department released a report late Wednesday confirming it made $125 billion worth of equity purchases Tuesday in the nation’s top nine financial institutions, injecting fresh capital into the credit frozen banking sector. (AP, Bloomberg)

According to the report, the U.S. Treasury purchased preferred shares in the following banks:

• Citigroup:                        $25 billion
• J.P. Morgan Chase:          $25 billion
• Wells Fargo:                    $25 billion
• Bank of America:             $15 billion
• Merrill Lynch:                  $10 billion
• Goldman Sachs:              $10 billion
• Morgan Stanley:              $10 billion
• Bank of New York:            $3 billion
• State Street:                      $2 billion

Sources: (AP, Bloomberg)