A question about the infusion of $250 billion into the banks today… CitiGroup, JPMorgan Chase, Bank of America, and Wells Fargo will each receive $25 billion through this deal.
CitiGroup just tried to buy Wachovia for $2.1 billion, backed with government assistance.
JPMorgan Chase just bought WaMu for $1.9 billion.
Bank of America just bought Merrill Lynch for $50 billion.
Wells Fargo just bought Wachovia for $14.8 billion.
Why are we giving these banks money? If they are hurting so bad, how can they make these huge purchases?