Under the Emergency Economic Stabilization Act of 2008, more commonly known as the $700 bailout, the government promised to loan money to the nation’s banks to prevent Wall Street from completely crashing. The funds would be released in two $350 phases.
So far $161.5 billion has been given to banks. Another $108.5 billion has been applied for.
Who’s Got the Money?
So far, we know that AIG has been given some of the bailout money. Other banks include:
· Citigroup - $45 billion
· AIG - $40 billion
· JPMorgan Chase - $25 billion
· Wells Fargo - $25 billion
· Bank of America - $15 billion
· Goldman Sachs - $10 billion
· Merrill Lynch - $10 billion
· Morgan Stanley - $10 billion
· U.S. Bancorp - $6.6 billion
· Capital One - $3.5 billion
· Regions Financial - $3.5 billion
· SunTrust - $3.5 billion
Several smaller, more local banks have also received money. See a complete list of bailed-out banks at the New York Times.
Will consumers get a bailout?
The Federal Reserve announced a program that would assist banks in meeting consumer and small business needs. The Term Asset-Backed Securities Loan Facility would help banks issue consumer and small business loans including student loans, auto loans, credit card loans, and SBA loans. The Federal Reserve Bank of New York plans to lend $200 billion to this effort. Another $20 billion will come from the $700 billion bailout.
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