Details Scarce on New Bailout Plan
It looks like we’ll just have to keep waiting to hear the details of the Financial Stability Plan, the Obama administration’s chosen sobriquet for the bailout. Treasury Secretary Tim Geithner’s remarks this morning followed the general outlines we’d expected, but details were hard to come by.
We do, however, know the url for a new Web site Treasury is launching to serve as a clearinghouse on bailout info. For now, details are scarce on that, too. Geithner promises that on the new Web site:
The American people will be able to see where their tax dollars are going and the return on their government’s investment, they will be able to see whether the conditions placed on banks and institutions are being met and enforced, they will be able to see whether boards of directors are being responsible with taxpayer dollars and how they’re compensating their executives, and they will be able to see how these actions are impacting the overall flow of lending and the cost of borrowing.
In the meantime, until that new site is up and the Treasury rolls out the details of its new programs, we’ll just have to wait, but, as always, you can see our up-to-date list of the companies that have gotten bailout money.