Paul O'Neill On Obama's Economic Plan, Toxic Assets
Former Treasury Secretary Paul O'Neill on toxic assets owned by major financial institutions: "I would order the 19 major financial institutions to put on the internet the classifications of their assets by investment grade rating... And for those parts of their asset holdings that can't be rated investment grade or in fact as they say can't be valued or can't be fairly valued, I would create a new device which I call a "quarantine account." One could make a judgment about the value of these institutions and the institutions could make a self-judgment about how much more lending capacity they have if the quarantined assets are set aside."
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