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Creation Date: Tue, 24 Mar 2009 GMT US woos investors to buy toxic assets
US stock prices shot up, led by bank shares, as Washington ended weeks of speculation about details of its attack on the heart of the credit crisis, offering generous government financing to underpin the public-private plan. The US Treasury said it will launch the program with $US75 billion to $US100 billion from existing financial rescue funds aimed at thawing the market for mortgage-backed securities and other hard-to-sell assets.
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The Obama administration on Monday offered a raft of incentives for private investors to help rid banks of up to $US1 trillion ($1.4 trillion) in toxic assets that plunged the world economy into crisis.
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