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Despite more than a week long negotiations between political leaders from the Democratic and Republican parties with the Bush administration, the US Congress failed to approve a bailout plan that would have cost American taxpayers $700bn.



The rejection of the plan by Congress was a surprise to investors. As a result, stock markets around the world plunged on Monday in their worst performance since 1987.



UNI Finance calls on US political leaders to take on their responsibility to tackle the financial crisis. A plan must be implemented by US authorities to restore sensible financial regulation, offer real economic relief for America's workers and their families, and curbs excessive executive pay on Wall Street. In addition, in return for the use of taxpayers money, the government must take an equity stake in the firms it rescues.





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