Geithner Says Toxic Asset Plan Close To Finished

By: Associated Press
By: Associated Press

WASHINGTON (AP) -- Treasury Secretary Timothy Geithner says that within the next couple of weeks the administration will unveil its plan for dealing with the toxic assets that lie at the heart of the current financial crisis.

Geithner says that the plan the administration has put together will provide low-cost government financing to private investors who are willing to purchase the bad assets that are currently clogging banks' balance sheets.

The administration believes that by getting these assets off the books of banks, it will encourage banks to resume more normal lending to consumers and businesses. Geithner's comments came in an interview to be broadcast on "The Charlie Rose Show."

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