US pins economic hopes on toxic take-up

The Obama administration today launched its much-awaited assault on the worst banking crisis in 70 years.

US Treasury Secretary Timothy Geithner's banking plan will use low-interest loans and up to 100bn ($74) left from the government's 700bn (€517.6bn) bailout fund to entice private sector investors to initially buy about buy 500bn (€369.73bn) in toxic assets - taking them off the books of the nation's banks.