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Text size [+][-]  Saturday November 21 2009GLOBAL EDITION

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10 Feb 2009 22:44

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Treasury secretary Tim Geithner unveiled the Obama administration’s plan to use the remaining $350bn of Troubled Asset Relief Programme funds on February 10. The S&P 500 index fell nearly 5% on the day. Bank of America stock fell 19%; Citigroup shares were off 15%.



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The lack of substance in his plan helped bring the S&P 500 down 5% on Tuesday. Banks were hit harder. The Obama administration’s failure to deliver on its promise of a detailed, coherent rescue plan squandered precious market confidence. That will be hard to rebuild.

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