The federal government’s effort to stabilize the financial system in 2008 by flooding money into as many banks as possible resulted in a boon to many foreign firms and left the United States shouldering far more risk than governments that took a narrower approach, according to a new report by a panel overseeing the Treasury’s $700 billion bailout fund.
Members of the Congressional Oversight Panel, in a report due out Thursday, note that America’s broad financial rescues had more impact internationally than the narrower bailout programs of other countries had on U.S. firms.
Full story: U.S. bailouts benefited foreign firms, report says