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US Treasury, Obama and the Plan

February 3, 2009

The U.S. Treasury Department will in the next few days outline new requirements for Wall Street firms receiving federal aid and further steps to rescue the financial system, officials said on Monday.

The rules, expected to be announced in the next several days, will include lending standards for banks and restrictions on executive pay, a source familiar with administration thinking said.

Treasury Secretary Timothy Geithner will lay out the financial rescue plan in its entirety in a speech planned for next week, another source said.

Geithner is responding to President Barack Obama, who recently scolded Wall Street executives for taking large bonuses while taking government bailout money.

Obama, in an interview with NBC, said he had asked Geithner to “put together a clear set of guidelines. If a bank or a financial institution is getting relief, then they’ve got to abide by certain conditions.”

Break this news to me how is he exactly planning to value the toxic mortgages?

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