Thursday, 30 October 2008

The “Dirty Little Secret” Of the US Bank Bailout

"As Nocera explains, the plan announced October 13 by Treasury Secretary Henry Paulson to hand over $250 billion in taxpayer money to the biggest banks, in exchange for non-voting stock, was never really intended to get them to resume lending to businesses and consumers--the ostensible purpose of the bailout. Its essential aim was to engineer a rapid consolidation of the American banking system by subsidizing a wave of takeovers of smaller financial firms by the most powerful banks."

Some interesting information on maybe why the bailout didn't actually work / was never intended too

learning words for your brainmush.

enjoy :]