new plans re: economic crisis
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| Mon, 10-13-2008 - 3:29am |
Some snips From Monday's Globe and Mail, October 12, 2008 at 11:43 PM EDT:
"A massive taxpayer buyout of stakes in banks across Europe was agreed upon last night and is likely to be followed this week across the developed world, a set of pledges that in many countries will result in the highest level of state ownership of the financial sector in modern history.
"In Washington, a meeting of international finance ministers produced a similar consensus, and many U.S. financial leaders appear willing to propose a state buyout of stakes in major banks, a first in modern U.S. history. Treasury Secretary Henry Paulson proposed last week that the government should buy an ownership stake in failing banks, after a proposed $700-billion bailout package failed to restore confidence in the system."
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It's so impressive to see these govs. and their financial institutions work things out together.
Right before it filed for Bankruptcy in mid-September, Lehman Brothers CEO Richard Fuld walked away with $400-500 million "cash."