While all eyes are on the Senate Tuesday as it votes on Obama’s stimulus package, Treasury Secretary Tim Geithner will make some news of his own at 11 a.m. with a plan to spend the rest of Bush’s $700 billion in bailout money (the TARP, if you will). He’s trying to tackle the toxic debt clogging banks’ balance sheets—and he’s planning a new round of injections of taxpayer money into the banks that most need it. Another possibility: creating “a so-called aggregator bank, featuring investors such as hedge funds and private equity, that may issue Federal Deposit Insurance Corp.-backed debt,” to address “the illiquid assets that caused the credit crunch,” Bloomberg reports. According to The New York Times, Geithner can definitely call the plan his own: He succesfully fought off attempts to control how banks spend their money from other Obama advisers, including David Axelrod.
CHEAT SHEET
TOP 10 RIGHT NOW
- 1
- 2
- 4
- 5
- 7
- 8
- 9
- 10