Paulson: ‘Aggressive’ Global Effort Planned; U.S. to Take Bank Stakes

U.S. Treasury Secretary Paulson said he and his Group of Seven counterparts had agreed to an “aggressive” plan to deal with a financial turmoil that has quickly ballooned into a “global event.” While the U.S. has come up with its own bank rescue plan, Paulson said other countries are considering options appropriate to their own situations. The $700 billion U.S. rescue plan will be used not only to buy and insure mortgage assets, but to buy equity in financial institutions, he said. “We are working to develop a standardized program that is open to a broad array of financial institutions,” Paulson said. Here is the text of his statment:…
Original Source: feeds.wsjonline.com

  10 Octubre, 2008| Economy | @ 18:45

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