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BOSTON (AP) - Putnam Investments on Thursday suddenly closed a $12 billion money-market fund and announced plans to return investors' money after institutional clients pulled out cash despite the fund's lack of exposure to troubled financial firms such as Lehman Brothers Holdings Inc.
NEW YORK (AP) - The U.S.'s financial power center has shifted from Wall Street to Washington.
Big banks started falling in line Tuesday behind a reconfigured bailout plan that will have the government forking over as much as $250 billion in exchange for partial ownership, putting the world's bastion of capitalism and free markets squarely in the banking business.
The U.S. government's commitments to contain the financial crisis now approach $7 trillion.