Targeted Investment Program
More Money for Citi and BofA
2
recipients$40B
promised$40B
actually invested, loaned, or spentXML
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Both Citigroup and Bank of America received $25 billion under the Capital Purchase Program. In both cases, they received additional aid, but since CPP was notionally for 'healthy' banks, it came under a different program.
On Nov. 23, 2008, the Bush administration announced it was investing $20 billion more in Citigroup, among other steps to help the struggling company. In early January of 2009, the Treasury announced this help had been given via the Targeted Investment Program, which it explained was for struggling companies whose failure could damage the financial system. A couple of weeks later, Bank of America got a similar deal.
The terms are less attractive than the general 'healthy' bank program: the preferred shares pay an 8 percent dividend annually. Treasury also received stock warrants as part of these investments.
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The following list shows the 2 recipients of Targeted Investment Program.
| Name | State | Date Entered | Amount Committed by TIP | Amount Returned to TIP |
|---|---|---|---|---|
| Bank of America
Received other federal aid. Click to see details. |
N.C. | Jan. 16, 2009 | $20,000,000,000 | $20,000,000,000 |
| Citigroup
Received other federal aid. Click to see details. |
N.Y. | Dec. 31, 2008 | $20,000,000,000 | $20,000,000,000 |