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US Talks of Pumping $1 Trillion into Banks: Report

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Reuters
Thursday, Jan 29, 2009

US government officials seeking to revamp the financial bailout have discussed spending another $1 trillion to $2 trillion to help restore banks to health, the Wall Street Journal said, citing people familiar with the matter.

The paper said the Barack Obama administration could announce its plans within days but has not yet determined the final shape of its new proposal, and the exact details could change.

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US Talks of Pumping $1 Trillion into Banks: Report 335x205 graph128c aj

The administration is also seeking more effective ways to pump money into banks, and is considering buying common shares in the banks, according to the paper.

A Treasury spokeswoman told the paper that “while lots of options are on the table, there are no final decisions” on what she described as a “comprehensive plan.” “The president has made it clear that he’ll do whatever it takes to stabilize our financial system so that we can get credit flowing again to families and businesses,” she told the paper.

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This article was posted: Thursday, January 29, 2009 at 4:34 am





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