Tuesday, October 14, 2008

$250 billion injection in banks is a good idea!!

Update on previous post.

Mr. Charles Schumer, a Democrat and U.S. senator from New York wholeheartedly supports the new move by Henry Paulson to inject capital into various banks in return for partial control, and says that this is "likely to be the most effective way to deal with the economic crisis."

Who better to say that than a member of the Senate finance and banking committees? Charles Schumer has written a good piece on "The Treasury secretary is now on the right track" and also mentions a few more demands like receiving senior equity positions in the respective financial institutions, hold on extravagant spendings like executive compensation and dividends among a host of other opinions. A good read...

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