Groundhog day: Geithner botches another bailout

By:
Peter Lee
Published on:

The new US Treasury secretary took just three weeks to disappoint those hoping he could find a way to save the US banking system and give a lead to the rest of the world. He has put off creating a bad bank to purge the system’s toxic assets but its day will surely come. There are bad banks aplenty now and when they inevitably collapse, taxpayers will pick up the mess. Peter Lee reports.