Treasury Throws Good Money After Bad
In recent testimony before the Senate Banking Committee Treasury Secretary Hank Paulson rejected the idea of the US government injecting capital into banks and taking preferred stock suggesting that such an extreme measure would imply that the US banking system had failed. "Some [say] we should just stick capital in the banks take preferred stock in the banks. That's what you do when you have failure " Paulson said. Houston we have failure: Yesterday after the markets closed Paulson announced plans to just stick capital -- $250 billion to be exact -- into the banks and take preferred stock. According ...
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