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...giving the taxpayers a bath." But it also makes for quick and easy implementation. "When you go to a financial institution and say, 'We'd like to buy your bad assets,' they're going to say, 'Let's sit down and talk right this minute.' " Some on Capitol Hill, including Representative Barney Frank, the Massachusetts Democrat who heads the House Financial Services Committee, think the deal is too sweet for Wall Street and are pushing to give taxpayers a piece of equity in the companies they would bail...
...Wednesday morning before heading up for a second day of grilling in front of skeptical members of Congress, the Treasury Secretary seemed certain he'd get the massive new powers and huge sums of money he's asking for, despite the feverish horsetrading and recriminations still unfolding on the Hill. "I believe we're going to get a bill that works and a clean bill," he told TIME. "It certainly won't be exactly what we asked for, it never is, but it's got to be sufficient to let us do the job." And Paulson thinks...
...like equity stakes in the Wall Street firms and new limits on executive compensation, doesn't have all the time in the world to act. "These markets are still very fragile and the conditions in the credit markets are very tight," he says. Asked whether ongoing negotiations on the Hill could spook markets, he says, "That obviously impacts the market and the markets are watching what's going...
Paulson faces other problems on Capitol Hill too. Both parties in Congress are by now deeply skeptical of any new Administration demands for increased executive authority and are vehemently pushing for more oversight of how Treasury will manage the bailout. The Paulson plan is bigger in that regard than just about anything Bush asked for in the war on terror. Section eight of the proposal he sent to Congress says, for example, "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court...
...worried about reactions in the markets to ongoing negotiations on the hill...