Bank of America Corp (BAC)

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SOME ANSWERS VERY SOON Obama set to detail bank recovery plans

Citigroup shares join US stock market plunge as White House promises to clear up toxic assets

By Stephen Foley in New York


Sunday, 22 February 2009

The Obama administration is promising to flesh out its plan to repair the US banking system THIS WEEK as investors and Wall Street executives express concerns about the creeping nationalisation of their industry.

With the US stock market sliding towards levels not seen in more than a decade, the Treasury hopes to lift some of the uncertainty with details on how to clear up the toxic assets clogging bank balance sheets and to “stress test” the solvency of the nation’s biggest financial institutions..........