$250 billion plan revision proposed by President



From Forbes.com, “The Ownership Society”:

In an effort to restore confidence to the ailing financial system, President George W. Bush on Tuesday announced plans to directly inject billions of dollars of capital directly into banks and expand the role of the Federal Deposit Insurance Corporation.

The plan–part of the $700 billion bailout package passed by Congress last week–will allot $250 billion for purchase of preferred shares in banks of all sizes and states of economic health. Nine banks have already agreed to take cash injections: Bank of America, Citigroup, Wells Fargo, JPMorgan Chase, Morgan Stanley, Goldman Sachs, Bank of New York Mellon, State Street and Merrill Lynch (which is being acquired by Bank of America). Treasury officials would not confirm the amounts that each bank will receive.

Thoughts on this revised bailout plan? Do you think it will help? Let us know in the comments.


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