What They Wanted
This is what the gov’t — and the banks — wanted when they attempted to kick off this little rally in March (which turned into a pretty big rally): get their stock prices pumped back up so they could issue more stock and raise capital:
J.P. Morgan Chase, American Express and Morgan Stanley all moved in the last 24 hours to sell common stock as the banks try to repay government money they got last year in the midst of the financial crisis.
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