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Bailout Settlement Reached, Reports Say
Congress reportedly has reached a tentative agreement on the proposed $700 billion bailout plan today, news reports say.
Reportedly, Congress has met its goal of crafting an agreement prior to the opening of the Asian markets tonight. Congress will apparently distribute bailout funds in traunches, with $250 billion available immediately. Companies selling troubled assets to the government will reportedly be forced to issue stock warrants to the government, so that “taxpayers can gain as companies recover.”
Read Bloomberg’s current report on the bailout here.
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