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Posted AT 5:43 AM EST on 19/09/08

Shares soar as U.S. plans to expunge bad debt

Globe and Mail Update

The U.S. government is preparing to escalate its emergency market bailout and “address systemic risks” with the creation of an agency to take bad assets off the balance sheets of the nation's foundering banks. The government is reportedly looking at several measures, including the creation of an agency similar to Resolution Trust Corp., the federal institution that bought $400-billion (U.S.

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