Banks May Pool Billions to Avert Securities Sell-Off

Discussion in 'Wall St. News' started by bluud, Oct 14, 2007.

  1. bluud


    Several of the world’s biggest banks are in talks to put up about $75 billion in a backup fund that could be used to buy risky mortgage securities and other assets, a move designed to ease pressure on a crucial part of the credit markets that threatens the broader economy.

  2. S2007S


    I read it was closer to $80 billion, but I don't think that matters, seems there isn't any risk when you have 3 major banks pooling together billions of dollars to prevent one of the worst financial collapse in history. This should help the market to new fresh highs tomorrow.