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Strategies & Market Trends : Waiting for the big Kahuna
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To: GROUND ZERO™ who wrote (81751)10/10/2008 6:56:54 PM
From: Qualified Opinion  Read Replies (1) of 94695
 
Paulson gives new detail of bank ownership plan

By Greg Robb
Last update: 6:40 p.m. EDT Oct. 10, 2008Comments: 15
WASHINGTON (MarketWatch) -- Treasury Secretary Henry Paulson on Friday gave some new details of the emerging plans by the federal government to inject capital directly into a "broad array" of financial firms. In a statement after the G7 meeting, Paulson said that officials are working on a "standardized program that is open to a broad array of financial institutions." The plan is to attract private capital to complement the government's funds, he said. Paulson went out of his way to say existing shareholders would be protected, saying the government would only make the purchases through a "broadly available equity program" without any voting power, "except with the market standard terms to protect our rights as investors."

Link: marketwatch.com
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