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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Government won't take all the risk: Geithner AFP - Monday, March 23 NEW YORK, (AFP) - - Treasury Secretary Timothy Geithner said the US government will not be saddled with all the risk in relieving banks of their toxic assets, because he plans to have the private sector join in. ADVERTISEMENT In an interview Sunday with The Wall Street Journal, Geithner justified the Public Private Investment Program he will unveil Monday to entice hedge funds and other private investors into investing in bad assets choking banks' balance sheets. "Our judgment is that the best way to get through this is if we can work with the markets," Geithner said. "We don't want the government to assume all the risk. We want the private sector to work with us," he added. Outlined last month, Geithner plan calls for investing 500 billion dollars in soaking up the banks' troubled loans and securities. The government-private sector initiative could end up absorbing as much as one trillion dollars. The US administration will sink around 100 billion dollars into the latest initiative, with the Federal Reserve and the Federal Deposit Insurance Corporation also participating. To encourage investors to buy those assets, the US government will offer lucrative subsidies and shoulder much of the risk. The Treasury also believes participants in the program shouldn't be subject to executive-pay rules imposed by Congress when it authorized its 700 billion dollar bailout bill and its 787 billion dollar stimulus package. Geithner's plan will supplement earlier measures taken by the government to ease the credit crunch, including boosting consumer spending and helping homowners facing foreclosure. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo US Treasury Secretary Timothy Geithner (L) talks to Chair of the Council of Economic Advisers Christine Romer and Director of the White House National Economic Council Lawrence Summers at the White House. Geithner said the US government will not be saddled with all the risk in relieving banks of their toxic assets, because he plans to have the private sector join in Most Popular – Top Stories Viewed British reality TV star Jade Goody dies of cancer Prince Charles blue over green crusade Madoff loses bail appeal as victims' rage revealed Arrest warrant issued for Lindsay Lohan Opel boss hints at closing German plants View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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