http://www.reuters.com/article/topNews/idUSTRE49N5VU20081112
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NEW YORK (Reuters) - The U.S. Treasury backed away from using a $700 billion bailout fund to cleanse bank balance sheets of bad mortgage debt, while Europe reported more gloomy economic news, fanning fears of a worldwide recession. <snip>
Secretary Henry Paulson, in the most explicit sign yet that Treasury was abandoning its initial plan for the rescue funds, said he preferred to focus instead on buying stakes in banks to encourage them to increase lending.
Treasury initially promoted the bailout as a way to help banks unload toxic mortgages, but Wednesday, Paulson defended the change in a news conference, saying, "I will never apologize for changing an approach or strategy when the facts change."
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