Yeah, I'll bet they are "happy to participate" -- about $25 BILLION REASONS to be happy, 'eh?
Also read: Big Banks Get $135 Billion Cash Going Away Gift From Paulson and the Bush Administration
"US bolsters banking system; Mass. giants will share in $250b Treasury plan" by Ross Kerber, Globe Staff | October 14, 2008
Boston financial services giant State Street Corp. and Bank of America Corp. are among major banks and institutions set to receive $250 billion from the US Treasury as part of an unprecedented plan to spur lending.
Treasury officials scheduled a news conference today to reveal details of the plan, under which the government will buy shares directly in institutions, using money from a $700 billion bailout Congress passed this month. Also, the government will guarantee bank debt, one executive said, and the Federal Deposit Insurance Corp. will temporarily guarantee bank accounts typically held by businesses.
So much for bailing out the MORTGAGE MARKET, 'eh? Oh, AmeriKa, did you ever get poked in the pooper on this one!!!!
Bank of America, Citizens, and Sovereign are the three largest banks in Massachusetts, with more than $70 billion in combined deposits, according to the most recent federal figures. Once a traditional bank, State Street, meanwhile has transformed itself into powerhouse provider of services for other companies including mutual fund firms.
The plan would be more dramatic than the Treasury's original plan to focus on buying mortgage-based securities and other bad debt from companies. But that plan didn't do enough to restore investor confidence quickly, the executive said, hindering the ability of banks to make loans at all. "This is about unclogging the system," he said.
Sigh.
Here is why the credit logjam isn't being freed up, readers:
U.S. Banks Driving Credit Crunch ON PURPOSE!!
America Never Had a Chance
Tired of the LIES yet?
Bank of America, the Charlotte, N.C., institution that is the largest bank in New England, confirmed yesterday it will be among those participating in the program. It said, "We are a healthy bank, we just raised more than $9 billion in capital on our own and we continue to operate quite normally. On the other hand, we recognize that we need to be part of the solution for the wider financial system so we are happy to participate."
Then WhyTF do THEY NEED a TAXPAYER HANDOUT?! Oh, America, did these guys ever shred your ass to pieces when they raped you!!!!
State Street representatives declined to comment. Other banks that will participate include Citigroup Inc., Wells Fargo & Co., JPMorgan Chase & Co., and Bank of New York Mellon Corp., according to industry executives. Bank of America will receive $25 billion in government investment, while State Street will get $3 billion, Bloomberg reported. --more--"
Even if they DON'T NEED IT!!!!
