Vhat do you sink of zis, comrade..?
U.S. Treasury considers part-ownership of banks
WASHINGTON: Having tried without success to unlock frozen credit markets, the U.S. Treasury Department is considering taking ownership stakes in many U.S. banks to try to restore confidence in the financial system.
Treasury officials say the just-passed $700 billion bailout bill gives them the authority to inject cash directly into banks that request it. Such a move would quickly strengthen banks’ balance sheets and, officials hope, persuade them to resume lending. In return, the law gives the Treasury the right to take ownership positions in banks, including healthy ones. [emphasis mine]
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This entry was posted on October 9, 2008 at 8:38 pm and is filed under Uncategorized with tags 2008 presidential elections, Democrats, financial crisis, McCain, Obama, politics, Republicans, socialism, stocks, U.S. economy, Wall Street. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.
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