Paulson blames lack of time for Tarp u-turn

The US Treasury reneged on its earlier promise to buy banks' distressed assets because it ran out of time, Hank Paulson, the US treasury secretary told Congress on Tuesday.

"By the time legislation had passed, the global market crisis was so severe, we knew we needed to move quickly and take powerful steps to stabilise our financial system and to get credit flowing again," Paulson said. "Our initial intent had been to strengthen the banking system by purchasing illiquid mortgages and mortgage

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