Monday, March 23, 2009

Administration seeks to thaw credit markets

Posted By: Asim Mohammed
WASHINGTON - The Obama administration launched a new effort Monday to end a paralysis in lending, saying it will team with investors with the goal of buying up to a trillion dollars of bad assets from banks that have been reluctant to make loans to consumers and companies.
In announcing the program, Treasury Secretary Timothy Geithner pleaded for patience, saying that work to rehabilitate an industry with such systemic problems must go forward despite “deep anger and outrage” over executive bonus payments.

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