Oct. 14: Dow 9,310 (down 76 points); trading range, 874 points
The markets finished the day marginally lower, but the volatility that had plagued the markets for the past few weeks continued to reign. (Two days later the CBOE Volatility Index (VIX) would set an all-time record of 81.)
However, the big headline of the day came from an announcement that the federal government would take preferred equity stakes worth up to $250 billion in several U.S. banks to keep money flowing through the financial system.
The move linked the banking sector and the government, and made taxpayers de facto shareholders in the American finance system.
Congratulations, you now own several banks.
To participate in the program, financial institutions like Bank of America (NYSE: BAC), Citigroup (NYSE: C), JPMorgan Chase (NYSE: JPM), Morgan Stanley (NYSE: MS) and Wells Fargo (NYSE: WFC) had to agree to executive compensation limits, including the elimination of golden parachutes.
The program was "voluntary," but when Treasury and the Fed came knocking, it was making an offer the banks couldn't refuse.
Greg Tucker is the executive editor of OptionsZone.com.
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