Banks Create Fund to Avert Prolonged Credit Crisis
Citigroup, JP Morgan Chase, and Bank of America create a mega-fund of as much as $200 billion. The deal, which has the backing of the Treasury Department, is expected to prevent the current debt crisis from worsening. Critics accuse the Treasury of bailing out the banks. But taxpayer money won't be used. David Wessel, the economics editor at The Wall Street Journal, explains the fund to Deborah Amos.
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