KBW Nasdaq Bank Index (BKX)

[*~1Best~*]

Geithner Unveils New Plan To Bail Out US Banks

BANKS, GEITHNER, TREASURY, SUMMERS, ECONOMY, BAD BANKS
CNBC.com
| 10 Feb 2009 | 11:14 AM ET

The US Treasury Department unveiled a revamped financial rescue plan to cleanse up to $500 billion in spoiled assets from banks' books and support $1 trillion in new lending through an expanded Federal Reserve program.

The renamed "Financial Stability Plan," rolled out by Treasury Secretary Timothy Geithner at the Treasury, will also devote $50 billion in federal rescue funds to try to stem home foreclosures and soften the crushing impact of the deep housing crisis now afflicting the entire economy.