What Bank Holiday? It’s Bank Payday
More news on the financial rescue plan.
Of the $250 billion that will now be invested in banks, thanks to you, dear taxpayer, a group of large institutions will receive $125 billion.
Citigroup and JPMorgan Chase will receive $25 billion each. Citigroup stock has risen 6.5% to $18.37.
Bank of America, which is acquiring Merrill Lynch, and Wells Fargo, which is acquiring Wachovia Corp., will each receive $25 billion. Bank of America is up 14.9%, to $26.16. Wells Fargo & Co. has risen 8.4% to $33.01.
Goldman Sachs and Morgan Stanley will receive $10 billion each. Goldman Sachs, up 11% to $124.15.
Bank of New York Mellon and State Street will get $2 billion to $3 billion. Bank of New York Mellon Corp. is up 5.9%, to $32.59.
Only one investment bank, JPMorgan Chase & Co. is lagging. Its shares are down 1.1%, to $41.50
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