Treasury Doles Out $386M to 23 Banks in Obama's First Distribution

[Zoom-boing]

The new distributions were made Friday and mark the first funds from the $700 billion bailout fund distributed since President Obama took office last week.

The Treasury Department says it has distributed another $386 million to 23 banks, the first awards from the federal bailout fund since President Barack Obama took office.

The department says the latest capital infusions went to banks in 14 states, bringing the total number of institutions that have been helped to 317.

Treasury Doles Out $386M to 23 Banks in Obama's First Distribution - First 100 Days of Presidency - Politics FOXNews.com


I wonder if they put any stipulations on it saying the banks have to start using it to lend?

 

[waltky]

Granny says dey keep spendin' money like dat - purt soon dey gonna be broke...

U.S. Treasury Drew Down Its Cash Balance by $81.6 Billion in Just First 4 Days of March
Monday, March 07, 2011 - The U.S. Treasury is depleting its cash at an accelerating pace, drawing down its cash balance by $81.6 billion in the just the first four days of March, leaving the federal government with only $108.9 billion on hand, according to the Daily Treasury Statement released Monday afternoon.

At the beginning of February, the Treasury had $349.1 billion in cash on hand, but spent that down by $158.5 billion during the month, ending February with only $190.6 billion on hand. Were the government to continue to draw down its cash balance at the $20.4 billion-per-day rate that prevailed in the first four days of March, it would spend its way through its final $108.9 billion in little more than five days.

Under current law, the U.S. Treasury may only run the national debt up to $14.294 trillion. At the end of February, according to the Treasury’s Monthly Statement of the Public Debt, the total debt subject to this legal limit was $14.142331 trillion—just $151.669 billion short of the limit. Had the Treasury not spent down the $81.6 billion in its cash balance in the first four days of this month and borrowed that money instead, it would have significantly reduced its remaining legal borrowing authority.

For the Treasury to borrow more than the current $14.294-trillion limit, Congress and President Barack Obama will need to enact new legislation authorizing the Treasury to increase the national debt up to whatever new limit they find agreeable. The Treasury’s largest single expenditure in the first four days of March, according to the Daily Treasury Statement, was paying off maturing debt. During those four days, Treasury paid $128.477 billion to redeem old bonds. At the same time, it borrowed $133.196 billion by selling new bonds.

U.S. Treasury Drew Down Its Cash Balance by $81.6 Billion in Just First 4 Days of March | CNSnews.com

 

[Care4all]

The new distributions were made Friday and mark the first funds from the $700 billion bailout fund distributed since President Obama took office last week.

The Treasury Department says it has distributed another $386 million to 23 banks, the first awards from the federal bailout fund since President Barack Obama took office.

The department says the latest capital infusions went to banks in 14 states, bringing the total number of institutions that have been helped to 317.

Treasury Doles Out $386M to 23 Banks in Obama's First Distribution - First 100 Days of Presidency - Politics FOXNews.com


I wonder if they put any stipulations on it saying the banks have to start using it to lend?

GOOD QUESTION! I hope they did, they should have....

 

[Zoom-boing]

The new distributions were made Friday and mark the first funds from the $700 billion bailout fund distributed since President Obama took office last week.

The Treasury Department says it has distributed another $386 million to 23 banks, the first awards from the federal bailout fund since President Barack Obama took office.

The department says the latest capital infusions went to banks in 14 states, bringing the total number of institutions that have been helped to 317.

Treasury Doles Out $386M to 23 Banks in Obama's First Distribution - First 100 Days of Presidency - Politics FOXNews.com


I wonder if they put any stipulations on it saying the banks have to start using it to lend?

GOOD QUESTION! I hope they did, they should have....

This thread, and my question, is two years old. The banks didn't as far as I can tell . . . .

 

[Care4all]

ahhh, didn't notice the date.....par for the course....

but darnit, why give them the money if they are not going to use it to loan to others....they are banks, aren't they?

 

[Mad Scientist]

ahhh, didn't notice the date.....par for the course....

but darnit, why give them the money if they are not going to use it to loan to others....they are banks, aren't they?

It's all a giant scam.

The Federal Reserve prints trillions of dollars, gives them to both domestic AND foreign banks and WE have to pay for it. Both the printed money AND in the inflation it causes which is a hidden tax.

Audit the Fed.