Treasury

The treasury has come out, saying "We will allow Preferred stock to be converted to Common, As needed"...

Let us stress "AS NEEDED"..

I think this statment was based on something over the weekend, that has been recycled.

here is this morning's statment.

"The U.S. government stands firmly behind the banking system during this period of financial strain to ensure it will be able to perform its key function of providing credit to households and businesses," said the joint statement by the U.S. Treasury Department, the Federal Deposit Insurance Corp., the office of the Comptroller of the Currency, the Office of Thrift Supervision and the Federal Reserve. "The government will ensure that banks have the capital and liquidity they need to provide the credit necessary to restore economic growth. Moreover, we reiterate our determination to preserve the viability of systemically important financial institutions so that they are able to meet their commitments."