The big clean-up

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The Public-Private Investment Program (PPIP), the US Treasury's long-awaited scheme to purchase so-called legacy assets from US financial institutions as a means to repair balance sheets and help recovery, was unveiled on March 23 (Risk April 2009, page 10(1)). US Treasury secretary Timothy Geithner, who had spent the preceding weekend on a media blitz promoting the plan, claimed it was "superior to the alternatives of either hoping for banks to gradually work these assets off their books or