Secretary of the Treasury to be given broad powers to hire outside firms

It was reported today in the Washington Post that as a part of the HR3997 and possibly also the Senate version, Secretary of the Treasury Paulson will be give broad powers to hire contractors to administer the $700B he will be spreading to banks and investment banks, both foreign and domestic.

To quote Joe Davidson in the Washington Post: "Treasury Secretary Henry M. Paulson Jr. wants the ability to move quickly to smooth the very rocky road that is now Wall Street. He proposed granting his office essentially unlimited authority to hire outside firms to help manage the assets of companies the government basically nationalizes."

What a deal! Wall Street creates this mess and then gets bailed out and collects fees!

http://www.washingtonpost.com/wp-dyn/content/article/2008/09/29/AR2008092903163.html

http://www.washingtontechnology.com/online/1_1/33599-1.html