Some Specifics Maybe?

22Oct08

From ProPublica:

Over the coming months, the Treasury Department will be doling out $125 billion to financial institutions, in addition to the $125 billion it’s already promised nine of the country’s biggest banks. And it will be deciding which banks get taxpayer money in private, using a secret set of criteria.

So far, Treasury Secretary Hank Paulson has only provided a general guideline for the so-called Capital Purchase Program. It’s “designed to attract broad participation by healthy institutions,” he said yesterday.

But what is a “healthy” bank? Those looking for a more concrete guarantee that the Treasury will invest the money wisely will be disappointed.

I’m all for letting the department do their job, but at the same time I’d certainly like a little bit more insight into how they’re going to do that job.

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