 Listen Now!
(7:34 Minutes)
Additional Features | |
Published on Friday, October 10, 2008
By LA Daily News Staff Writer
WASHINGTON - The United States and six other nations that are among the world's richest agreed on Friday to a coordinated plan to rescue the financial industry, but fell short of offering concrete steps to backstop bank lending on a day when fear tightened its grip on investors from Wall Street to Hong Kong.
U.S. Treasury Secretary Henry M. Paulson Jr. said the United States would move aggressively on one part of the plan by infusing American banks directly with cash, and taking ownership stakes in return.
In the five-point plan, issued after finance ministers met at the Treasury Department, the Group of Seven countries broadly endorsed the idea of taking ownership positions in banks - a strategy first adopted by Britain and now emerging as a major part of the rescue effort in the United States
Read Full Article...
|
RSS
