Architects of a $700 billion bailout plan urged U.S. lawmakers to act swiftly or face dire economic consequences amid growing concern the rescue may be delayed, but markets were heartened by news that Warren Buffett was investing $5 billion in Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz).
In Tokyo, Kyodo news agency reported that Sumitomo Mitsui Financial Group (8316.T: Quote, Profile, Research, Stock Buzz), Japan’s third-largest bank, plans to invest several billion dollars in Goldman, with which it has a long relationship.
SMFG said it had no plans at this time to invest in Goldman, whose spokesman Lucas van Praag said he could not confirm the Kyodo report.
Stocks in Asia gained and U.S. Treasury yields rose after news of the Goldman stake purchase by one of the world’s most respected investors http://payday-z.com creditreports cash til payday loan. –>.
The MSCI index of Asian shares outside Japan .MIAPJ0000PUS edged up 0.4 percent, but Tokyo .N225, which was closed on Tuesday for a public holiday, fell 1.2 percent.
Buffett’s Berkshire Hathaway (BRKa.N: Quote, Profile, Research, Stock Buzz) <BRKb.
Treasury Secretary Henry Paulson told lawmakers during five hours of hearings on Tuesday that the bailout was “sad” and “embarrassing,” but needed to stave off a deep recession and restore confidence in markets.
Andrew Barrett, managing director and strategist with Citi Private Client Investment in Hong Kong, said there is sufficient political will in Congress to approve the plan.
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