October 14, 2026: When the U.S. Treasury Bought the Banks

Podcast: bsnsHistory · bsnsBasics

Opublikowano: 2026-10-14

Nine of America's most powerful bank CEOs walked into a Treasury Department conference room on October 13, 2008, believing they still had a choice. Treasury Secretary Hank Paulson made clear they didn't, and by six thirty that evening, all nine had signed identical agreements accepting government capital in exchange for preferred shares. On October 14, 2008, the Treasury made it official, launching the Capital Purchase Program and investing $125 billion directly into JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, State Street, and Merrill Lynch. The program marked a fundamental shift from the...