On Wednesday, Judicial Watch, a public interest group, published documents that it said it obtained through a Freedom of Information Act (FOIA) request regarding the October 13, 2008 Treasury Department meeting with the CEOs of nine major U.S. financial institutions (Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, JPMorgan Chase, Merrill Lynch, Morgan Stanley, State Street and Wells Fargo). At that meeting, the institutions initially agreed (as indicated in each CEO's own handwriting) to issue an aggregate of $125 billion of non-voting senior preferred stock to the Treasury in the first round of Treasury's Capital Purchase Program (CPP) investments. According to the "CEO Talking Points" obtained by Judicial Watch, Treasury did not "[b]elieve it is tenable to opt out" of the CPP because doing so would leave the nine financial institutions "vulnerable and exposed," and that if a capital infusion was not "appealing," the regulator of each of the nine major financial institutions "[w]ill require it in any circumstance." Judicial Watch asserts that the Obama administration is "[w]ithholding a key document about [Treasury Secretary Geithner's] role in this infamous bankers meeting."
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Judicial Watch publishes documents from October Treasury meeting with initial CPP recipients
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