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Treasury Secretary Henry Paulson said the original idea behind the $700 billion rescue package is no longer an effective use of the allocated funds . That approach has been abandoned in favour of the Capital Purchase Plan, which is already directing liquidity...

Both Reuters and the Wall Street Journal were reporting on Monday that more than a dozen banks had signed or expressed their intention to sign on to sell preferred stock in return for government funds in the last few days. They join the original nine financial institutions which signed on to the program at the middle of the month. The most recent individual deals will involve transferring ownership of a total of about $25 billion in preferred stock to the government in return for its investment....

President George W. Bush assured the world markets that the U.S. government's intervention in the economy is not a government takeover but a measure designed to restore stability to markets. Delivering remarks before the U.S. Chamber of Commerce,...

Federal Reserve Vice Chairman Donald Kohn said the U.S. government's recent decision to buy $250 billion in financial firm stocks is not enough to shore up the economy - but is a "key building block." He said he hopes private capital investment...

The lack of confidence in the U.S. financial system "must be conquered because it poses an enormous threat to our economy," said U.S. Treasury Secretary Henry Paulson on Tuesday, adding that it is imperative for the government to purchase equity...

An exclusive report from the Wall Street Journal says the U.S. government is weighing options on a far-reaching plan that would be the most extensive government intervention into the financial system seen so far. One dramatic step would be to guarantee...

Neel Kashkari, former vice-president at Goldman Sachs and current assistant secretary of international affairs at the U.S. Treasury, is expected to become the interim head of the $700 billion rescue package, according to anonymous sources who spoke to...

Ahead of the Senate voting on an updated version of the U.S. Emergency Economic Stabilization Act of 2008 , many senators are confident the bill can reach the House of Representatives for a second vote later this week. Still, given the the events from...