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Monday, February 09, 2009

CNBC: 'Bad Bank' Plan Is Dropped

by Calculated Risk on 2/09/2009 05:10:00 PM

From CNBC: 'Bad Bank' Is Dropped From Financial-Rescue Package

The Obama administration’s wide-ranging plan to stabilize the financial system no longer includes creating a "bad bank" but will still contain measures to encourage private firms to buy up toxic assets from financial institutions ...

The latest version of the plan no longer addresses any immediate aid to insurance companies with thrift units that have applied for capital injections under the existing TARP.
In a statement Monday, the Treasury said that senior officials from Treasury, the Federal Reserve Board and the Federal Deposit Insurance Corporation would hold a media briefing on the plan at 11:45 a.m. ET
The leaked details might keep changing, but I guess the time is set for the announcement.