U.S. Aids Ailing Bank: The Treasury Department...
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From Times Staff and Wire Reports
U.S. Aids Ailing Bank: The Treasury Department has been quietly supporting Bank of New England by depositing more than $1 billion in the troubled institution, according to a report in today’s New York Times. Billions have been withdrawn in recent months by depositors worried about the bank’s losses from bad loans. The Bush Administration action appears to be the first case in which the Comptroller of the Currency has approved the use of government deposits to bolster an ailing bank’s cash position.
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