Treasury Adds 39 Local Banks to Bailout ListThe U.S. Treasury announced on Thursday it will give $1.5 billion to 39 local banks in the Capital Repurchase Program as part of its Troubled Asset Relief Program (TARP). The total amount given out in the program so far is $193.8 billion.
The amounts given out included $400 million for First BanCorp of San Juan, Puerto Rico, $146 million for Dickinson Financial Corp II of Kansas City, MO and $108 million for S&T Bancorp of Indiana, PA. To see a complete list of the banks: Visit this Treasury announcement. Treasury has allocated $250 billion so far for the Capital Repurchase Program.
Wall Street Slumps on Microsoft and Bank News
Volatility is back on Wall Street, as the market responded to news of a management shakeup at Bank of America (BAC) and news from Microsoft (MSFT) on lower earnings and job cuts.
The Dow Jones industrial average dropped 105 points Thursday, losing 1.3 percent. Standard & Poor's 500 index lost 1.5 percent and Nasdaq composite fell 13 points with a total loss of 1.5 percent.
Google (GOOG) delivered some good news after the close, reporting higher sales and lower earnings that beat estimates. Google gained almost 3 percent in extended-hours trading on Thursday
Regional banks are suffering, too, with SunTrust (STI), KeyCorp (KEY) and Fifth Third (FITB) all coming in with fourth-quarter losses.