US govt buys $159bn worth shares

The US government, under its USD 700-billion bailout plan, has purchased shares in 30 American banks for a total of over USD 150 billion, half of which have gone into Citigroup, JPMorgan Chase and Wells Fargo.According to the latest report of the Capital Purchase Program, the US Treasury Department has purchased preferred stocks worth USD 25 billion each in Citigroup, JPMorgan Chase and Wells Fargo - three of the biggest banks hit by the worsening financial turmoil.The government spent USD 158.56 billion for purchasing shares in the 30 banks, which included Bank of America getting USD 15 billion, while Goldman Sachs, Morgan Stanley and Merrill Lynch got USD 10 billion each.