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Administration Unveils New Bank Rescue Effort

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
nation's banks.
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.


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