Wall St. pans bank bailout plan

February 10, 2009

The Treasury's new bank rescue strategy was dead on arrival, as far as Wall Street was concerned, with investors still unclear if the plan will work. Critics say Treasury Secretary Timothy Geithner's $2 trillion plan provides little detail on how banks will get rid of toxic assets and start lending again, while at the same time, opening up banks to new scrutiny by the American taxpayer. US stocks closed sharply lower. SPEAKER: Treasury Secretary Timothy Geithner; Milton Ezrati, market strategist and chief economist, Lord Abbett; Michael Henry, senior executive of financial industry strategy, Accenture Conway Gittens reports from New York.