Treasury buying preferred stock in banks and thrifts
Treasury announced on Oct. 14 that it will purchase up to $125 billion of preferred stock in nine of the country’s largest financial institutions under its new capital purchase program. Another $125 billion will be allocated to U.S.-controlled banks and thrifts that choose to participate in the program before 5:00 p.m., Nov. 14. This will be the first large-scale deployment of resources approved in the economic stabilization legislation signed by President Bush . . .
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