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.