Reuters added: “The plan, sketched out by Treasury secretary Timothy Geithner and top regulators at a news conference, marks a big step in the administration’s push to rewrite rules for banks and financial markets in response to a credit crisis that has sent economies around the globe reeling.” And sketched out seems an apt description of what, for the moment, looks like an exceptionally sketchy scheme and one that has brought back to life many of the old clichés about dodgy derivatives.
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