MutualFundWire.com: Industry Heavyweights Weigh in on Bailout Plan

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Thursday, September 25, 2008

Industry Heavyweights Weigh in on Bailout Plan

ICI president and CEO Paul Schott Stevens on Thursday came out in support of the financial bailout plan.

"On behalf of our member funds, and to protect the interests of the 90 million shareholders they serve, we urge quick action and pledge to work with Congress and the Administration toward that goal," Stevens said in a statement issued Thursday morning.

Legg Mason's Bill Miller has other ideas. The Baltimore Business Journal reports that Miller told an audience of reporters that the bailout would make him less likely to invest in challenged companies. “If the government tells the financial system it needs to go raise capital, then they seize all the capital, who’s going to put capital in?" Miller said at the press briefing.

ICI Press Release

ICI President and CEO Paul Schott Stevens issued the following statement:

"We strongly support the efforts of the Administration and the bipartisan Congressional leadership to act decisively to stabilize America's financial markets. Unprecedented conditions in the financial markets place the health of our economy at serious risk, and it is in the interest of all Americans that national leaders act promptly to address these conditions.

"On behalf of our member funds, and to protect the interests of the 90 million shareholders they serve, we urge quick action and pledge to work with Congress and the Administration toward that goal."