This kicked off the first half of the Treasury's $250 billion recapitalization program.
A full-scale bank recapitalization program is required, along with management changes at almost all major European financial institutions.
He did not provide a specific date for the publication, but said that "before the summer" a banking system overhaul should be complete, mainly through a recapitalization program.
Some doubted whether European banks could raise billions of euros as part of the recapitalization program from investors already burned by the European crisis.
Mrs. Merkel, now increasingly concerned about any run on the banking system, told finance ministers and leaders from the World Bank and the I.M.F. last week in Berlin that Germany supported a coordinated bank recapitalization program.
The administration is hoping to offset the losses from the G.M. rescue with the profits from its A.I.G. investments and the bank recapitalization program, which together have reaped about $46 billion for taxpayers.
Mrs. Merkel, now increasingly concerned about any run on the banking system, told World Bank and I.M.F. officials and European finance ministers last week in Berlin that Germany supported a coordinated bank recapitalization program.
(Putting it work via things like the bank recapitalization program, the Fed's purchases of commercial paper, loan guarantees, and, one hopes, a stimulus package involving serious amounts of government spending).
It is starting to appear as if one of Treasury's key rationales for the recapitalization program — namely, that it will cause banks to start lending again — is a fig leaf, Treasury's version of the weapons of mass destruction.
Cypriot hostility to a so-called haircut for depositors also has prompted speculation that the government in Nicosia is planning to ask the Greek government for €2 billion from its €48 billion bank recapitalization program to support Cypriot lenders.
