Monday, November 17, 2008

Chronicles Of Depression 2.0: #418: 21

Treasury injects capital into 21 more banks
WASHINGTON (Reuters) - The U.S. Treasury Department said on Monday it had transferred $33.56 billion to 21 banks as part of a capital infusion program intended to help steady the shaky financial system, bringing the total injected into banks since the program began to $148.6 billion.

In return for the capital infusions, the Treasury is receiving preferred equity with warrants for common shares as part of a $700 billion financial rescue plan, under which it has set aside $250 billion for bank capital injections.

Paulson has a sense of humor there. Now he's openly playing 21.

If you are sitting there thinking this is all part of actually fixing things, your head is so far up your ass you can probably lick your own heart!

This is what it's all about, you sucker.

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