US Treasury Recovers $1.7 Billion In TARP Money Provided To Marshall & Ilsley
05 Luglio 2011 - 10:31PM
Dow Jones News
The Treasury Department said Tuesday it has recovered $1.7
billion in financial bailout money it invested in Marshall &
Ilsley Corp. (MI), which is being acquired by Bank of Montreal
(BMO).
The repayment means that taxpayers have recouped $255 billion
invested in banks through the 2008 Troubled Asset Relief Program,
or TARP. The government invested $245 billion in banks through the
TARP program. Treasury officials estimate that the bank portion of
the TARP program will result in a net gain of $20 billion to
taxpayers.
Other programs--including aid to auto makers and homeowner
assistance programs--are expected to lose money.
Bank of Montreal late last year unveiled plans to buy
Milwaukee-based Marshall & Ilsley, which owns M&I Bank, in
a $4.1 billion stock swap. Marshall & Ilsley became vulnerable
with pricey acquisitions in Florida and overexpansion in Arizona,
triggering an overexposure to construction loans. As part of the
deal's closing, BMO also purchased $3.3 million in warrants to
purchase common stock in M&I Bank and paid accrued dividends of
$11.9 million.
-By Alan Zibel, Dow Jones Newswires; 202-862-9263;
alan.zibel@dowjones.com
Grafico Azioni Marshall & Ilsley (NYSE:MI)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Marshall & Ilsley (NYSE:MI)
Storico
Da Giu 2023 a Giu 2024
Notizie in Tempo Reale relative a Marshall & Ilsley Corp (Borsa di New York (NYSE)): 0 articoli recenti
Più Marshall & Ilsley Corp. Articoli Notizie