WASHINGTON (AP) - Treasury Secretary Timothy Geithner has received a better response from America's allies than Wall
Street to his bank rescue plan.
The secretary spent the weekend explaining the plan to the Group
of Seven major industrial countries.
Investors sent stocks plunging last week because of their
unhappiness over aspects of the program that were left out. They
also criticized a lack of details over a plan to deal with toxic
But Geithner provided enough specifics to the G-7 that they came
away expressing support for the program where many had voiced doubt
before the meetings.
Administration officials are promising more details quickly,
starting with an expected rollout on Wednesday of a $50 billion
program to combat mortgage foreclosures.