I was not at all happy to read this in today's NYT:
"Mr. Geithner, who will announce the broad outlines of the plan on Tuesday morning, successfully fought against more severe limits on executive pay for companies receiving government aid.
He resisted those who wanted to dictate how banks would spend their rescue money. And he prevailed over top administration aides who wanted to replace bank executives and wipe out shareholders at institutions receiving aid."
This strikes me as a very bad idea. Paradoxically, this is because I believe in markets. I explain why below the fold.
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