October 30, 2008

Bailout funds being spent in ways Congress never foresaw

The $700 billion Wall Street rescue plan was intended to go to buying up distressed mortgages and other bad assets. Instead, it's gone to equity stakes in banks, and at least one bank used the money to buy a rival. It's also likely to be used to buy stakes in life insurance companies, and maybe to help struggling Detroit automakers. Some lawmakers whether what's happening serves the public interest.

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