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Posted AT 9:34 PM EST on 10/10/08

U.S. ups ante with plan to buy stake in ailing banks

PAUL KORING

From Saturday's Globe and Mail

WASHINGTON — The Bush administration will buy big equity chunks in America's battered banks in a bold, even more aggressive bailout effort, Treasury Secretary Henry Paulson said Friday, unveiling a sweeping additional intervention that harkens back to the Great Depression. Mr. Paulson said the government was ready to take stakes in “broad array” of banks and other financial institutions “as soon as we can.

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