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We know the bank rescue plan that Treasury Secretary Tim Geithner plans to announce today is a victory over President Obama's political guru, David Axelrod. The four-part plan will lend Fed money to private investors to buy toxic waste, use Fed cash to buy loan-backed securities, inject capital into some banks, and help people facing foreclosure. But it's no victory for the banking system and that means it should go back to the drawing board.
The battle Geithner won is over controlling how banks use the money they get from TARP II. Axelrod wanted TARP II to dictate how banks would spend the money; replace bank executives and wipe out shareholders at institutions receiving aid. Geithner won -- meaning that banks have free reign to spend the money, bank executives who got us into this mess keep their jobs, and common shareholders will not get wiped out. Furthermore, it appears that banks still won't have to disclose much about how they use our money.
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