Rescued banks consider buying rivals' troubled assets

04/3/2009 | Financial Times (free content)

Citigroup, Goldman Sachs, Morgan Stanley, JPMorgan Chase and other financial institutions that received taxpayer money are looking into purchasing their competitors' troubled assets through the U.S. Treasury's latest plan. The concept is highly controversial because the program is intended to rid banks of troubled loans and securities rather than acquire them, critics said. Rep. Spencer Bachus, R-Ala., said he would introduce legislation to keep banks from "gaming the system to reap taxpayer-subsidized windfalls."

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