Banks pooling $1 billion to help Hunts settle up

A group of major US banks is negotiating a $1 billion loan package to help the Hunt brothers of Dallas settle their massive silver losses incurred when the market collapsed last month. Paul A. Volcker, Federal Reserve Board chairman, said the Federal Reserve supports the private loan package as long as the credit will not be used for further speculation in the silver or securities market. Mr. Volcker stressed that no government official "either instigated or guided these negotiations."

of stories this month > Get unlimited stories
You've read  of 5 free articles. Subscribe to continue.

Only $1 for your first month.

Get unlimited Monitor journalism.