Wired PR News.com – Over 100 banks and counting have sent in applications to meet the Friday deadline for submitting requests for part of the $700 billion rescue fund from the United States Treasury Department. As reported by the Associated Press, an approximated 62 banks have received approval so far. Two-hundred fifty billion has reportedly been allocated for bank relief.
New to the bank holding arena, American Express has reportedly asked for $3.4 billion. Some of the largest banks in operation including JP Morgan Chase and Bank of America have already received a combined total of $125 billion in bailout funds.
Many are skeptical of the potential effects the bailout plan will have on economic recovery. Reports from the past few months regarding excessive spending among corporate executives, and allegations of greed being a primary cause of the widespread failures have made some fear that the money will not be used in an effective way. Analysts have already projected a series of drawbacks from the plan.