White House bailout plan announced - Trade Only Today

White House bailout plan announced

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Treasury Secretary Timothy Geithner yesterday laid out the White House’s plan to rescue the financial system, and it is bigger than expected, with government playing a larger role in markets and banks.

Under the plan, administration officials will pump as much as $2.5 trillion into the financial system — $350 billion of it from the TARP fund, according to a report in The New York Times.

Many of the details of the program, however, remain unsettled.

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