WASHINGTON – The government on Monday moved toward dramatically expanding its ownership stakes in the nation's banks — with Citigroup, the struggling titan of the industry, apparently at the top of the list.
Wall Street responded as it has with the rollout of almost every other plan to fix the financial crisis, taking a big drop and sending the Dow Jones industrials to its lowest level in a dozen years. The strategy, which could be applied retroactively to banks that received money in the first incarnation of the bailout, carries risks. But it avoids, at least for now, having to tap more taxpayer money or resort to full-fledged nationalization.
Full Story: Feds explore taking bigger stakes in shaky banks (AP)
Wall Street responded as it has with the rollout of almost every other plan to fix the financial crisis, taking a big drop and sending the Dow Jones industrials to its lowest level in a dozen years. The strategy, which could be applied retroactively to banks that received money in the first incarnation of the bailout, carries risks. But it avoids, at least for now, having to tap more taxpayer money or resort to full-fledged nationalization.
Full Story: Feds explore taking bigger stakes in shaky banks (AP)
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