The US Treasury Department said yesterday it has bought US$125 billion
stocks in nine major US banks under its US$250 billion purchase plan.
The report, released by the Treasury, showed that JPMorgan Chase, Citigroup
and Wells Forgo, each got US$25 billion in government funds, and Bank of America
got US$15 billion.
Meanwhile, Goldman Sachs, Merrill Lynch and Morgan Stanley got 10 billion
dollars each, and Bank of New York Mellon and State Street got US$3 billion and
2 billion respectively.
Under the take-it-or-leave-it plan, the US government will use a portion of
the 700 billion dollar financial rescue package to inject capital into banks by
directly purchasing equity shares.
The government will initially buy stocks in nine major US banks under its 250
billion dollar purchase plan, another 125 billion will be going to regional
institutions.
