Geithner unveils sweeping Tarp overhaul

Timothy Geithner, the secretary of the US Treasury, has announced plans to take up to $500 billion in bad assets off the books of struggling banks and expand the Federal Reserve's programme to support asset-backed securities to $1 trillion from the current $200 billion.

"Right now critical parts of our financial system are damaged," Geithner said. "Instead of catalysing recovery, the financial system is working against recovery and that's the dangerous dynamic we need to change."

"This comprehe