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Banks pooling $1 billion to help Hunts settle up

  • By WITH ANALYSIS FROM MONITOR CORRESPONDENTS AROUND THE WORLD
  • EDITED BY DEBRA K. PIOT

| Washington

A group of major US banks is negotiating a $1 billion loan package to help the Hunt brothers of Dallas settle their massive silver losses incurred when the market collapsed last month. Paul A. Volcker, Federal Reserve Board chairman, said the Federal Reserve supports the private loan package as long as the credit will not be used for further speculation in the silver or securities market. Mr. Volcker stressed that no government official "either instigated or guided these negotiations."

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