Administration Move to Sop Up Bad Bank Assets Could Reach $1 Trillion

MSNBC: In announcing the program, Treasury Secretary Timothy Geithner pleaded for patience, saying that work to rehabilitate an industry with such systemic problems must go forward despite “deep anger and outrage†over executive bonus payments.



Geithner told reporters the new program will seek to harness government and private resources to purchase a half-trillion dollars of bad assets off the balance sheets of banks and said he expects purchases eventually could grow to $1 trillion.