Obama's 'Bad Bank' plan lifts Stocks
Submitted by WSN_Staff on Wed, 01/28/2009 - 11:54.
U.S. banks stocks are up today on reports that the Obama administration may adopt a plan to buy bad assets in the financial system and create a so-called "bad bank" to hold them.
The ProShares Ultra Financials (ETF)(Public, NYSE:UYG) is already up 15% this morning.
The big winners today include:
| Gainers (% price change) | Last Trade | Change | Mkt Cap | |
| Lloyds Banking Group PLC | LYG | 5.51 | +1.69 (44.24%) | 22.62B |
| Wells Fargo & Company | WFC | 20.13 | +3.94 (24.34%) | 66.94B |
| Deutsche Bank AG (USA) | DB | 29.55 | +5.64 (23.59%) | 16.13B |
| Allied Irish Banks, plc. | AIB | 4.30 | +0.78 (22.16%) | 1.90B |
| Citigroup Inc. | C | 4.28 | +0.73 (20.56%) | 23.33B |
Late Tuesday, CNBC reported that President Obama and his team were closing in on a "bad bank" plan, and Bloomberg News reported Wednesday that the Federal Deposit Insurance Corp. could be tapped to manage the plan. Some estimates are that the government could take on $1 trillion in bad assets.
Those reports grabbed more attention in the market than the news, also late Tuesday, that a key House of Representatives committee had approved legislation that would give bankruptcy judges the authority to eliminate some mortgage debt in order to help reduce foreclosures.
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