White House to unveil assets plan

Tim Geithner, US Treasury secretary, will on Monday unveil details of a plan to take hundreds of billions of dollars of toxic assets off banks’ balance sheets. The plan, for the Treasury to put $75bn to $100bn of troubled asset relief funds into a public private investment scheme, will help determine whether the Obama administration can regain credibility in its handling of the financial crisis. It follows days of frantic leaking, with both the Treasury and the White House denying being the sources.