U.S. policy makers say tentative rescue plan is set

TEL AVIV (MarketWatch) — U.S. policy makers, working through Saturday night into
Sunday, said they’d had outlined a plan to rescue the financial system but needed
to put it on paper before saying that they had a final deal, The Wall Street
Journal reported Sunday morning. Treasury Secretary Henry Paulson, House Speaker
Nancy Pelosi, and Senate Majority Leader Harry Reid stood with top negotiators to
announce the tentative accord on a $700 billion plan to have the Treasury
purchase bad assets, the Journal reported. The plan, announced after midnight
U.S. Eastern Time Sunday and probably to be made official later Sunday, probably
will limit executive compensation for some companies and is likely to give the
U.S. government authority to take equity in companies that sell bad assets under
the plan, the Journal reported. And charging a wide group of financial companies
fees to help offset the cost of the plan was a possibility as well, the Journal
said.

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