President Barack Obama says Wall Street is looking for an "easy out" but none is coming as his government launches a plan to revamp the financial sector.
Treasury Secretary Timothy Geithner on Tuesday outlined plans to increase consumer lending and remove toxic assets from banks' balance sheets. But analysts said they were disappointed by the lack of details in the plans. The Dow Jones industrial average plunged about 400 points in afternoon trading.
Asked about the markets' reaction, Obama said Wall Street is hoping for an easy out and there is no easy out. He said banks have not been transparent about their own books and now it is time to be clear about the losses they've suffered.
Obama spoke in an interview with ABC News.