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    U.S. considers taking over ownership in many banks-NYT

    HotNewsTurkey with wires
    09.10.2008 - 09:39 | Son Güncelleme:

    The New York Times said Treasury was considering taking ownership stakes in many U.S. banks after Henry Paulson said a recently approved financial bailout bill gives him wide authority to inject capital into the banking system. (UPDATED)

    The U.S. Treasury secretary also did not rule out having Treasury take an ownership position in banks if necessary.


    The New York Times, quoting unnamed government officials, said Treasury was considering taking ownership stakes in many U.S. banks. A Treasury spokesperson could not be reached for comment on the story, Reuters reported.


    "We will use all of the tools we've been given to maximum effectiveness, including strengthening the capitalization of financial institutions of every size," Paulson told a news conference ahead of a Friday meeting of Group of Seven finance ministers.


    The British government on Wednesday pledged hundreds of billions of pounds to rescue its banking system and Paulson ducked a direct answer when asked whether the next step for the United States might be some similar form of recapitalization.


    "I'm not going to speculate on all the things we may have to do," he said. "I would simply say we have a broad range of authorities and tools...to work with going forward here."


    Congress last week approved a $700-billion financial rescue package that gives Treasury power to buy unwanted and illiquid assets from banks that have grown reluctant to lend but also gives it leeway to attempt means of unlocking frozen credit markets as well.


    Paulson said the package grants "broad, flexible authorities for Treasury to buy or insure troubled assets, provide guarantees, and inject capital" but didn't spell out whether that meant it might seek ownership stakes in some banks.



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