"Geithner fell on his face yesterday..." - I wouldn't read too much into Geithner's announcement yesterday; WS just didn't think he offered enough specifics. Recall how thrilled the market was when Geithner's appointment was announced - the market went UP +450pts.
As for the The Decider's TARP I - it was interesting to hear JP Morgan's CEO Jamie Diamond say that the banks were FORCED to take this money even if they didn't need it AND they would have to hold onto this money for 3yrs. Further, if any bank wanted to return the TARP funds before the 3yr time period they would have to return ALL of it - EVEN if they put some of these funds to work. JP Morgan did not ask for TARP funds and they didn't need the TARP funds. This is how The Decider's Treas Sec'ty protected the weak sister banks, the "zombie banks" - i.e. CITI. Talk about a dishonest way to run the US Treasury!!!
Thankfully this will be changed in TARP II, per Rep Barney Frank - Chair of this House Committee!!!
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