Federal Deposit Insurance Corp steps in

Story link: Federal Deposit Insurance Corp steps in

So it looks like the The Federal Deposit Insurance Corp will be heading the fund which will hopefully bring America out of their credit crisis, which in turn will hopefully have some positive affects on the UK economy.

Federal Deposit Insurance Corp steps in

The Federal Deposit Insurance Corp. may manage the so-called bad bank that the Obama administration is likely to set up as it tries to break the back of the credit crisis, two people familiar with the matter said.

U.S. stocks gained, extending a global rally, on optimism the bad-bank plan will help shore up the economy. The Standard & Poor’s 500 Stock Index rose 1.9 percent to 861.63 as of 9:54 a.m. in New York. Bank of America Corp., down 54 percent this year before today, rose 87 cents, or 13 percent, to $7.37. Citigroup Inc., which had fallen 47 percent this year, climbed 18 percent.