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The first phase of the Troubled Asset Relief Program is being put in place. The first $250 billion will be used to provide a voluntary capital purchase program to rebuild bank capital. Citibank, JP Morgan, Bank of America and Wells Fargo will all receive $25 billion. Second the treasury announced plans to guaranty commercial paper and inter-bank funding. Banks that participate will be charged 0.75% to protect their debt issuances. (this means that the banks should start lending to one another again but the rates will be more expensive, which ultimately means loan rates will go up, but at least the … (1 comments)
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