Some of the same people who created the financial mess we're in may end up getting paid to advise the government on how to fix it. Outsourcing the solution to this mess, and the management of hundreds of billions of taxpayer dollars, seems like more of the through-the-looking-glass governance we've come to expect from the Bush administration. But how did Congress, especially the presidential candidates sign off on leaving this possibility open?
The department's quick turn to the private sector will help it prepare for the massive task of overseeing mortgages and other financial assets to be acquired by the government as part of the Emergency Economic Stabilization Act that was approved by Congress and signed by President Bush on Friday.
But it means that the government has little time to assess the companies that will be partners in what could become one of the largest public-sector funds in American history. Some of the same firms that have played roles in the rise and collapse of the mortgage-backed securities market may end up guiding the government as the bailout unfolds, department officials said.
|
No comments:
Post a Comment