Rescue plan faces delays in hiring asset managers: report (Reuters)

[Eugene]

Source: Reuters

Rescue plan faces delays in hiring asset managers: report
Tue Oct 28, 2008 4:50am EDT

(Reuters) - The Treasury Department's plan to begin
buying bad loans and other troubled assets has been
complicated by delays in hiring financial firms to
oversee the $700 billion program, the Wall Street
Journal said.

The U.S. government enacted the landmark financial
bailout on Oct 3.

Several hurdles have arisen, including concern over
the fees the government will pay asset managers, as
well as a lack of manpower at Treasury, the paper
said, citing people familiar with the matter.

The delays have contributed to investor uncertainty
about how effective the rescue plan will be, the
paper said.

-snip-

Read more: http://www.reuters.com/article/newsOne/idUSTRE49R26N20081028

[midnight]

1. We are all watching as these locusts who swarmed in and held

us up now show us that the fast acting plan has no plan at all, but to put to work more of their same elk. What a waste of money.

[dixiegrrrrl]

2. Oh, those silly Repuglicans...

get this:

"Treasury wants to ensure that each manager it hires is fully vetted, and that all potential conflicts of interest are examined and resolved, the paper cited people familiar with the situation as saying."

Understandable. After all, new concepts like avoiding conflicts of interest take time to learn.

and this:

"as well as a lack of manpower at Treasury,"

those same great minds that brought you " Mission Accomplished"
now bring you the Second Greater Depression.