The US Senate has given its support to the amended bailout plan.
The US Senate has voted in favour of the amended version of the US$700 billion bailout plan. It is now up to the US House of Representatives to grant final approval for the plan.
Senators voted 74 to 25 in favour of the amended plan, which is generally seen as imperative to ending the unrest on the financial markets and restoring confidence in the US banking system.
On Monday, the US House shocked the financial markets by voting against a previous version of the bill, which resulted in plunging stock markets worldwide.
Under the plan, the US Treasury will buy distressed debts from financial institutions, in an effort to clean up their balance sheets.
The amended bill differs from the one rejected on Monday in that it has added a number of tax cuts, and extended federal protection for bank deposits.
The US House is expected to cast its vote on the amended bill on Friday.
In Part 2 of our exclusive series, we ask leading names to nominate their best investments, the most effective industry group and the importance of platforms.
A former colleague of mine once offered the opinion that industry superannuation funds are reconstructed socialists - despite their union influence, these funds have grown and benefited from a global capitalist world.... read more »
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