WASHINGTON (AP) - The Obama administration says it hopes a new
bank rescue initiative will generate $500 billion in purchasing
power to buy up toxic assets and get them off the books of the
The administration also said Monday that the initial effort
could grow to $1 trillion in purchases eventually, as the program
proves successful in attacking the bad-books problem that has been
at the heart of the worst banking crisis the United States has seen
in seven decades.
In a lengthy fact sheet, the administration said it plans to use
$75 billion to $100 billion from the government's existing bailout
program and that it expects participation from a broad array of
institutions, ranging from pension funds to insurance companies and
other long-term investors.