US poised to unveil $1tn bank bailout package

The US government will unveil the eagerly awaited details of a $1 trillion plan to rescue the banking sector today.

At 12.45pm GMT, Tim Geithner, the US treasury secretary, will give a detailed explanation of how the Obama administration will cleanse the balance sheets of America's banks.

The scheme was first announced last month, when Geithner was widely criticised for not giving more details.

He is expected to announce today that the government will team up with private companies, such as hedge funds and pension funds, to buy toxic assets, such as mortgage-backed securities.

Read Full Article from guardian.co.uk

- Posted: 2009-03-23 07:56:30

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