The Bush administration will invest about $125 billion in nine of the biggest U.S. banks, including Citigroup Inc. and Goldman Sachs Group Inc., in the government's latest attempt to shore up confidence in the financial system.Well, next time some titan of commerce starts talking smack about this or that social program - we can all point to this moment and politely ask them to shut the hell up.
The proposed cash injections in exchange for preferred shares are part of a $700 billion rescue approved by Congress and follow similar moves by European leaders to unfreeze global credit markets by helping beleaguered banks. The other companies are Wells Fargo & Co., JPMorgan Chase & Co., Bank of America Corp., Merrill Lynch & Co., Morgan Stanley, State Street Corp. and Bank of New York Mellon Corp., said people briefed on the plan.
Late edit: WaPo says the full list of affected banks are:
- Bank of America
- Merrill Lynch
- Bank of New York Mellon
- Citigroup
- Goldman Sachs
- J.P. Morgan Chase
- Morgan Stanley
- State Street
- Wells Fargo
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