The big clean-up
The US Treasury's Public-Private Investment Program aims to cleanse balance sheets of toxic assets and revive financial markets. But questions remain over who will participate, how assets will be priced and how big a dent the scheme will actually make on the amount of legacy securities still out there. By Peter Madigan
The Public-Private Investment Program (PPIP), the US Treasury's long-awaited scheme to purchase so-called legacy assets from US financial institutions as a means to repair balance sheets and help recovery, was unveiled on March 23 (Risk April 2009, page 10(1)).
US Treasury secretary Timothy Geithner, who had spent the preceding weekend on a media blitz promoting the plan, claimed it was "superior to the alternatives of either hoping for banks to gradually work these assets off their books or of
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