Treasury Begins to Deploy Financial Rescue Plan

By: Associated Press Email
By: Associated Press Email

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WASHINGTON (AP) -- A top Treasury official says the $125 billion the government is providing nine major banks will be distributed this week.

Assistant Treasury Secretary David Nason said Monday the deals with the nine banks were signed Sunday night and the government will make the stock purchases this week that are designed to bolster the banks' balance sheets so they will begin more normal lending.

The action will mark the first deployment of resources from the government's $700 billion financial rescue package passed by Congress on Oct. 3.


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