Fed Plans $250B to Bail Out Banks, Sources Say

The Federal Reserve plans to use $250 billion of the $700 billion approved by Congress to recapitalize ailing banks, and while the number of willing participants is unclear, the plan requires nine major banks to take part, officials told ABC News today. The move, expected to be formally announced Tuesday, comes as Fed chairman Ben Bernanke and Treasury Secretary Henry Paulson spent the day in Washington meeting with the heads of major U.S. banks to pound out the details of a more far-reaching... Full Story