Goverment Supplies Another $15 Billion to Banks

Wednesday, January 7, 2009

And yet they still refuse to lend! Funny how it all works.

The government said Monday it had supplied another $15 billion to seven banks in the latest round of payments from the $700 billion rescue fund.

The Treasury Department said the biggest payment in the new round totaled $7.58 billion to Pittsburgh-based PNC Financial Services Group Inc.

The latest payments bring the amount the government has committed to buying bank stock as a way of bolstering the financial system to $187.5 billion. Treasury said it has provided support to financial institutions in 41 states and Puerto Rico.

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8 Responses to Goverment Supplies Another $15 Billion to Banks

  1. Adirondacky says:

    One thing that has bothered me about Obama’s economic transition team is their failure to state they will force banks to begin lending again. The banks take taxpayer dollars, don’t explain what they’re doing with it, and don’t lend it to potential home buyers. We can’t realistically expect a recovery if banks don’t respond by lending.

  2. Prairiedog says:

    I thought the $700 billion was supposed to help Main Street?

    Isn’t that what Pelosi, Frank and Paulson said or did I miss something?

  3. emcee says:

    The bailout trickled up, to the Street of Dreams. I read that the CEO of one of the brokerage firms spent his handout on a $30 million dollar condo in New York City. These people need to be burned alive.

  4. JollyRoger says:

    Socialism for the rich, the shitter for the rest of us.

    Business as usual in the Reign of Error.

  5. Fran says:

    What’s that flushing sound I hear???

    (money down the toilet!)

  6. R.J. says:

    Not only do they refuse to lend, but they’ve gotten very aggressive with their collections. Ever since I went one day late on a card, they’ve call my house six times a day every day.

  7. That’s it. I’m legally changing my name to ‘Bank.’

  8. libhomo says:

    Randal: Can you give enough money in campaign contributions to make it work?

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