Geithner Says Some Banks to Need ‘Large Amounts’ of Assistance

[katty]

more: http://www.bloomberg.com/apps/news?pid=20601087&sid=akWSzaWK6SGI&refer=worldwide

Geithner Says Some Banks to Need ‘Large Amounts’ of Assistance
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By Ryan J. Donmoyer

March 29 (Bloomberg) -- U.S. Treasury Secretary Timothy Geithner said some financial institutions will need substantial government aid, while warning against any attempt to tax investors who join a federal program to buy tainted assets from banks.

“Some banks are going to need some large amounts of assistance,” Geithner said today on the ABC News program “This Week.” The terms of a $500 billion public-private program to aid banks “cannot change” for investors or they’ll lose confidence in the plan, he said on NBC’s “Meet the Press.”

The Obama administration is pursuing the most costly rescue of the U.S. financial system in history while facing taxpayer concerns the aid is bailing out Wall Street firms that took excessive risks. After allocating about 80 percent of $700 billion in aid approved by Congress, administration officials want to keep open the option of seeking more.

[notadmblnd]

1. don't tell me..... I got it covered....

.....and he urges congress to give it to them. No questions asked?

In light of what they just did to the autoworkers, this is just so wrong, you have to laugh to keep from crying.

[katty]

2. yes, this is going way way off the tracks

[yurbud]

3. can Obama make the changes needed to Wall St. without temporarily spooking markets?