110 Banks Have Asked for $220B Under Bailout Plan | The Big Picture
by Tom on November 14, 2008
in Market Musings, banks
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 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.
110 Banks Have Asked for $220B Under Bailout Plan | The Big Picture.
Okay we’ve had 19 banks fail and 110 of them want bailout funds. And we’ve got 4 life insurance companies who want to become savings and loans so they can get bailout?
Oh, and don’t forget that American Express, which if I recall correctly, is a credit card and travel company? Is suddenly transformed, in literally hours, into a bank. (Oh, and I believe it normally takes months to years to become a bank).
The only thing I can say is…..
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