Wells Fargo Chairman Prefers U.S.Plan to Buy Stakes (Update2)
Oct.22(Bloomberg)--Wells Fargo &Co.Chairman Richard Kovacevich said the U.S.Treasury's intention to buy stock in banks provides a better stimulus to escape the financial crisis than an earlier plan to purchase soured mortgage-related assets.
``Direct capital injections versus buying loans is a far more preferable way''to help companies already facing credit losses,Kovacevich,64,said yesterday at an event hosted by San Francisco's Commonwealth Club.``It's an important tool to get the financial system back into the money business again.''
