Summary of the Equity Bailout; Money Going to Bailouts?

Here is a nice summary of at least one of the bailout plans, the $250 billion preferred stock recapitalization plan, ie the TARP (Troubled Assets Relief Program) Capital Purchase Program. In other news, someone says that a State Street (NYS:STT) banker is getting a nice bonus check this year, courtesy of the US taxpayers.

I'm still not sure how this program is structured exactly, but I hope that this $250 billion comes from the $700 billion. The Wall Street Journal seems to say that ("TARP will also be used by Treasury when it puts new equity into banks").