America adopts British Finance Proposal

9 Oct

Not good enough for financial titan George Osborne, but fine for the White House, the NYT reports ::

The proposal resembles one announced on Wednesday in Britain. Under that plan, the British government would offer banks like the Royal Bank of Scotland, Barclays and HSBC Holdings up to $87 billion to shore up their capital in exchange for preference shares. It also would provide a guarantee of about $430 billion to help banks refinance debt.

UPDATE ::

I am happy to support the Government when they do the right thing, but the British people need to know that there is a credible alternative to this failing Government. ~ David Cameron

It appears I missed it – the Tories have finally backed the government’s plan.

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