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Crisis: USA: Government Loans 20 BN USD To Bank Of America

17 January 2009

The federal government of the USA has decided to grant an additional loan of 20 billion dollars to Bank of America Corporation, plus guarantees against possible losses for a total of 118 billion dollars. In exchange it will receive privileged shares with 8pct dividend. The US Treasury Ministry announced this early today in a joint statement with the Federal Reserve and the Fdic, the Federal Deposit Insurance Corp. The money will be used for the acquisition of Merrill Lynch, and will be taken from the first tranche of the 700 billion bailout; this money originally would have been used for other purposes.

Source: agi.it