Should U.S. Follow Suit with British Bank Deal?

Here is an interesting excerpt from the Dow Jones Newswire. The UK has its own idea of how to solve their banking problem:


(Dow Jones) Feb 22, 2009, Royal Bk Scotland,Lloyds Banking In GBP500B UK Gov Deal-Paper

"Royal Bank of Scotland Group PLC (RBS) and Lloyds Banking Group PLC (LYG) have submitted plans to insure almost GBP500 billion of assets as part of the U.K. Treasury's scheme to kick-start lending, the Sunday Telegraph reports.
Prime Minister Gordon Brown and Chancellor Alistair Darling will meet with Treasury advisers later Sunday to hammer out details of the program, which will involve the creation of a new class of non-voting shares to allow the banks to fund their participation, the newspaper reports...

The newspaper cited people close to the discussions saying that it would see a new type of capital instrument devised that includes a dividend entitlement. However, because the new shares would not include voting rights, their issuance would not be dilutive to existing shareholders...

The solution avoids the immediate prospect of outright nationalization for the two banks, which are both likely to be charged billions of pounds for their participation in the Treasury scheme, the newspaper said."

Could this be the answer Wall Street is looking for?