Citi, BofA Get a Reprieve

With the Dow Jones industrial average off nearly 300 points over fears of bank nationalization, Treasury Secretary Timothy Geithner, like his counterparts in the FDIC, rushed in on a Friday to rescue beleaguered financial institutions – at least for one day. Unlike the FDIC, which seizes a bank on Friday and has it ready to open on Monday, the White House sought to avoid that scenario with a mid-day announcement that it would release details of its financial rescue plan next week — and nationalization would not be part of the plan.

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