Saturday, 25 October 2008

U.S. bank shares suffered a rocky ride, closing mostly lower amid fears that losses from bad loans will soar because of a deep global recession.The Treasury Department plans to provide funds for 20 to 22 additional lenders as part of its next round of a $250 billion bank recapitalization program. It has already committed half that amount to nine of the nation's largest banks in exchange for preferred shares.Treasury plans to let banks announce the infusions on their own, rather than release a list of recipients all at once and risk scaring investors who might think banks left off failed to qualify for help, a person familiar with Treasury thinking said.

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