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Sunday, September 28, 2008

US Approval of Bail Out Nears - European Bank Fortis taken over to Avoid Collapse

George Wenschhof

As we reported, agreement on the U.S bail out bill was tentatively reached in the early morning hours. House Speaker Nancy Pelosi has now posted the Bill online - You can read it here. Probably due to all the hits, the server is temporarily down.

It appears to include what I reported earlier: 250B up front with additional funds up to 700B available but requires a request from Congress, limit on executive compensation, independent oversight board to include the Federal Reserve chair, and the SEC and HUD Secretaries, equity for government, the option of purchasing insurance, and some mortgage restructure possibilities.

The bill should come to a vote no later than Wednesday and approval is expected. House Speaker Pelosi is hoping for a vote on Monday and Senate majority Leader Harry Reid expects full approval by Wednesday. Read more here.

House Republicans also came out in support of the compromise bill. Minority Leader John Boehner said it was critical to save Main Street. has more here.

It appears this approval is coming none too soon as one of the twenty largest European Banking and Insurance companies, Benelux Financial Group Fortis was nationalized today to avoid a collapse. Reportedly, Belgium contributed 4.7 Billion, Dutch - 4 Billion, and Luxembourg - 2.5 Billion. has more here.

Also, Britain plans to nationalize another troubled financial institution,Bradford and Bingsley's, and re-sell it's assets. Read more here.

Stay Tuned


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