Banks get $15 billion from bailout

January 5, 2009 1:53:04 PM PST
The government says it has supplied another $15 billion to seven banks in the latest round of payments from the $700 billion rescue fund. The Treasury Department says the biggest payment in the new round totaled $7.58 billion to Pittsburgh-based PNC Financial Services Group Inc.

The latest payments bring the amount the government has committed to buying bank stock as a way of bolstering the financial system to $187.5 billion. Treasury says it has provided support to financial institutions in 41 states and Puerto Rico.


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