Obama to unveil new rescue plan: Geithner
Treasury nominee offers no estimate of cost, signals more money needed
Greg Robb, Senior Reporter | MarketWatch | Jan. 21, 2009
In testimony Wednesday before the Senate Finance Committee, Geithner didn't say how much the new package would cost. He refused to give specifics [...]
Paul Volcker, the former Federal Reserve Board chairman, told the panel that the cost of fixing the banks would cost several trillion dollars.
More government assistance would be needed, Geithner added, because the crisis is far from over. More money also will have to be used to get credit markets back to normal.
The nominee also defended his actions related to the collapse of Lehman Brothers. [...]