News, analysis and personal reflections on the markets & the financial sector

Monday, September 29, 2008

Rescue plan gives ample power to Treasury secretary

The revisions and compromises Congress made on the Bush administration's rescue plan did not alter the central tenant of giving the Treasury Department vast and unprecedented power over the financial sector. Secretary Henry Paulson and his successor will have nearly unchecked discretion on how the $700 billion fund is spent. That could mean the fund may be used to buy distressed assets other than mortgages and mortgage-backed securities.

more at http://www.nytimes.com/2008/09/29/business/29bill.html

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