Big-name investors yesterday warmly endorsed the Obama administration's plan for public-private partnerships to deal with toxic assets in the financial system and stocks rallied after Tim Geithner, the US Treasury Secretary, detailed the proposals.
Bill Gross, chairman of Pimco, the bond fund manager, said “this is perhaps the first win/win/win policy to be put on the table and it should be welcomed enthusiastically. We intend to participate.”
Larry Fink, chairman of BlackRock, the asset management company, said his company would also take part. “I think it is a very important step that the government is assisting private capital and creating new demand for these troubled assets.”
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