Geithner Reviewing Options for Banking Sector Rescue Plan

By: • Wed, Jan 28 2009, 2:34 PM

U.S. Treasury Secretary Timothy Geithner said he is looking at a "range of options" for rescuing the banking sector and that a recovery plan will be unveiled soon.

Speaking prior to his meeting with TARP officials, Geithner said, "We are putting together what we hope will be comprehensive plan. We're looking at a range of options in that context."

Asked about the creation a 'bad bank' - a proposed government initiative to purchase illiquid assets from banks with toxic balance sheets, Geithner replied, "We have a financial system that is run by private shareholders... and we'd like to do our best to preserve that system."

By Steve Stecyk and edited by Nancy Girgis
©CEP News Ltd. 2009