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Toxic-asset plan details coming, Geithner says

March 11, 2009|Associated Press

WASHINGTON — The Obama administration will unveil within the next couple of weeks details of its plan for dealing with the toxic assets that lie at the heart of the financial crisis, Treasury Secretary Timothy F. Geithner said Tuesday.

He predicted the plan, calling for federal financing to help private investors buy the bad assets held by banks, would succeed, but he said it would take time to end the crisis.

"It's going to take a lot to work through this" because the starting point is "just a deep mess," Geithner said on "The Charlie Rose Show."

Geithner unveiled the overhaul of the government's $700-billion financial rescue program Feb. 10, but stocks tumbled as investors expressed disappointment with a lack of details, particularly on the plan to deal with toxic assets.

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