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Monday, January 05, 2009
Treasury Provides $15B from Bailout to 7 Banks
Associated Press
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.
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.
FOX Translator
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A specialist is a member of a stock exchange who works as an auctioneer for a specific stock and/or stocks. It can be an individual, partnership, corporation or group of firms.
The specialist works to maintain a "fair and orderly market" for respective stocks, matching up buyers and sellers by displaying the best "bid" and "ask" prices at its trading post. If buys are not equal to sells, the specialist evens the scale by buying or selling shares, accordingly. However, they cannot make their own transactions until all investor orders have been placed.
Gauging supply and demand, the specialist sets an opening price for the stocks in its domain. If a price has not been set by the time the market opens, the specialist can delay that particular stock's opening.
Specialists make money off the "spread," which is the difference between bid and ask prices on orders.
