Brace yourself:
At least 110 banks have requested about $220 billion from the Treasury Department’s rescue fund, and many more are expected to have submitted applications before Friday’s deadline.
The figures, from banks’ own statements and analyst reports, indicate the requests are closing in on the $250 billion the Treasury set aside from the $700 billion fund to purchase stock in banks.
Analysts at Keefe, Bruyette & Woods estimated that 62 banks have received full or preliminary approval from the Treasury for $173 billion from the Troubled Asset Relief Program. The government said Monday that American International Group Inc. also would receive $40 billion from the program.
Another 48 banks have applied for about $6.5 billion, according to the Keefe, Bruyette & Woods report. Several banks that have filed applications said they haven’t yet decided whether to accept any funds.
The tally doesn’t include requests from four life insurance companies that are seeking regulatory approval to purchase savings and loans in order to become eligible for government funds.
Wow!
Source:
110 Banks Have Asked for $220B Under Bailout Plan
ASSOCIATED PRESS, November 14, 2008
http://www.nytimes.com/aponline/business/AP-Meltdown-Banks.html
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