THE TELEGRAPH: Hank Paulson, the US Treasury Secretary, has warned that more banks and businesses will fail amid the financial crisis despite America’s $700 billion bail-out plan.
Mr Paulson said US companies will continue to collapse in the coming weeks and months despite efforts by the American government to rescue its ailing economy and financial markets.
Mr Paulson called for patience, saying: “the turmoil will not end quickly and significant challenges remain ahead”.
He added: “Neither passage of this new law nor the implementation of these initiatives will bring an immediate end to current difficulties.”
Speaking after the Federal Reserve’s decision to cut interest rates by half a per cent, Mr Paulson said: “US and global financial markets continue to be severely strained.”
He said it would be several weeks before the bail-out plan makes its first purchases of troubled assets, and warned that even when the plan is implemented more banks are likely to fail. Financial Crisis: Hank Paulson Warns that More Banks and Businesses Will Fail >>> By Gordon Rayner and Jonathan Sibun October 8, 2008
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