AccessMyLibrary provides FREE access to millions of articles from top publications available through your library.
Section: Business News - In September, several developments erupted that underscored the deepening US financial debacle. Among them were many troubled large banks and/or financial firms in the US filing for bankruptcy protection, going into liquidation and/or being forced to enter into a US government-sponsored rescue program.
In the latest developments, the US authorities announced on September 19, 2008, that a massive and comprehensive bailout plan worth USD700 billion would be undertaken to rescue their ailing financial sector. However, the bailout is still pending US Congressional approval and it will take some time before the program bears fruit.