U.S., foreign banks to form $50 bln rescue fund: report

WASHINGTON Sun Sep 14, 2008 7:15pm EDT

WASHINGTON (Reuters) - U.S. and foreign banks are forming a $50 billion fund to help save troubled companies, the NBC television network reported, without citing any sources.

Creation of the fund comes as negotiations to save troubled investment bank Lehman Brothers LEH.N appear to be faltering. The fund would be aimed at the "next tier" of companies that could face financial difficulties, NBC said, without offering any further details of how the fund would work or who would contribute to it.

(Reporting by David Lawder; Editing by Andrea Ricci)

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