The British government said Monday it will inject $64 billion into some of its largest financial institutions. British taxpayer funds will to go the Royal Bank of Scotland, and Lloyds TSB which is merging with a big mortgage lender. The bailout means top officials at these banks will leave their posts. The British government also will buy stock in the companies, in effect becoming an owner. The U.S. Treasury is planning a similar move with U.S. banks.
Britain Rescues Three Major Banks
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