Microsoft Applauds $700 Billion Bailout

Microsoft was one of the players who intervened into the matters of the U.S. House of Representatives, indicating a strong support for a piece of banking legislation designed to provide a breath of fresh air for the collapsing U.S. financial sector. In September, following the rejection of the first draft of the $700 billion bailout plan, the Redmond giant, for the first time in its history, urged the Congress to reconsider its position on the legislative initiative, calling the handout “vitally important” to the U.S. economy.

Now that the financial bailout plan passed Congress, Brad Smith, Senior Vice President and General Counsel, applauded the U.S. House of Representatives for voting “yes” on the Financial Recovery Legislation. “Congressional passage of the financial recovery package is a critically important step to bringing back economic stability in the U.S. and around the globe,” Smith stated.

Microsoft has so far felt the impact of the U.S. banking crisis only in the depreciation of its stock. However, the company indicated that not only itself, but markets across the world are affected by the “health” of the U.S. financial sector, and that the Congress needed to take immediate measures.

“This crisis affects more than just the U.S. financial sector, it affects every corner of the world economy, and [the] vote will help re-instill confidence around the globe,” Smith added. “Microsoft is pleased to see members of the U.S. House of Representatives and Senate come together to pass this important legislation. I particularly appreciate the support of the Members of the Washington State delegation who cast their vote today to help preserve jobs in all sectors of the economy of Washington state and across the U.S.”

Still, Microsoft is instituting measures designed to offer it some protection in the context of an ever weakening U.S. economy. In this regard, the Redmond giant has confirmed that it is reevaluating its hiring plans and making various adjustments. Microsoft is now accounting for in excess of 90,000 employees.