WASHINGTON, Oct. 15 (UPI) -- Executives of smaller banks reacted angrily to a twist in the financial bailout package
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Stocks in financial firms soared on Wall Street on the news the plan was to divert $250 billion of the $700 billion package to buying shares of troubled banks.
But
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"I'm not sure we've heard from any
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The American Bankers Association said few would jump in, the Times reported.
"We don't need a bailout, and if other banks had run their banks like we ran our bank
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Chairman of Chain Bridge Bank Peter Fitzgerald said to the newspaper that he was "chagrined that we will be punished for behaving prudently."
The U.S. Treasury Department said troubled but salvageable banks would be pressed to take the deal, which gives the government preferred stock that pays 5 percent interest for five years and 9 percent for subsequent years if any balances remain.Related articles: