Posted by: Allison Franklin
U.S. woos buyers of toxic assets
Mon Mar 23, 2009 1:24pm EDT
WASHINGTON (Reuters) - The U.S. financial system still faces risks requiring government intervention to avoid a more destructive recession, President Barack Obama said, before a critical week of fleshing out and selling his recovery plan.
Obama's steps to reverse a deep U.S. economic downturn and restructure the ailing banking system have global implications as he prepares to meet fellow leaders of major developed and developing nations at a Group of 20 summit in early April.
But his reform plans and vast spending envisioned to reboot the world's largest economy and purge U.S. banks of at least $1 trillion in "toxic" assets face steep resistance from some in Congress and corporate boardrooms.
In a key part of the agenda, Treasury Secretary Timothy Geithner is due to unveil long-awaited details of his bank bailout plan at 8:45 a.m. EDT on Monday.
"I think that systemic risks are still out there," Obama said in an interview with the CBS program "60 Minutes" aired on Sunday.
Mon Mar 23, 2009 1:24pm EDT
WASHINGTON (Reuters) - The U.S. financial system still faces risks requiring government intervention to avoid a more destructive recession, President Barack Obama said, before a critical week of fleshing out and selling his recovery plan.
Obama's steps to reverse a deep U.S. economic downturn and restructure the ailing banking system have global implications as he prepares to meet fellow leaders of major developed and developing nations at a Group of 20 summit in early April.
But his reform plans and vast spending envisioned to reboot the world's largest economy and purge U.S. banks of at least $1 trillion in "toxic" assets face steep resistance from some in Congress and corporate boardrooms.
In a key part of the agenda, Treasury Secretary Timothy Geithner is due to unveil long-awaited details of his bank bailout plan at 8:45 a.m. EDT on Monday.
"I think that systemic risks are still out there," Obama said in an interview with the CBS program "60 Minutes" aired on Sunday.
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