Bank of America Receives $138 Billion of Rescue Funds
Friday, January 16, 2009 : PermalinkBloomberg – Bank of America Corp., the largest U.S. bank by assets, received a $138 billion emergency lifeline from the government to support its acquisition of Merrill Lynch & Co. and prevent the global financial crisis from deepening.
The U.S. will invest $20 billion in Bank of America and guarantee $118 billion of assets “as part of its commitment to support financial-market stability,” the Treasury Department, Federal Reserve and Federal Deposit Insurance Corp. said in a joint statement shortly after midnight in Washington.
Tags: acquisition, amp, assets, bank of america, bank of america corp, federal deposit insurance, federal-deposit-insurance-corp, federal-reserve, financial market stability, global financial crisis, insurance, lifeline, merrill-lynch, treasury-department, u s bank
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