Schumer: US should follow UK's lead on bank stock


New York Senator Charles Schumer is suggesting
the U.S. follow the British government's lead and start buying
sizable pieces of banks in an effort to contain the global
financial crisis according to the Associated Press.
Schumer's suggestion came after the British Treasury say it
would invest as much as $90 billion in exchange for preferred
shares in eight of the country's largest banks and building
societies.
Schumer - whose political career is tightly entwined with Wall
Street, the biggest economic engine of his home state - first
raised the idea weeks ago during the debate over the original $700
billion bailout package in Congress.