Profit

US to pump $250 bn directly into banks

PUBLISHED ON: October 14, 2008 | Duration: 0 min, 53 sec

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US President George Bush on Tuesday announced a $250 billion plan by the government to directly buy shares in the nation's leading banks, saying the drastic steps were "not intended to take over the free market but to preserve it." Nine major banks will participate initially including all of the country's largest institutions, he announced, in a move that sent stocks soaring on Wall Street.
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