Mea Culpa

Geithner's Latest Excuses

The excuses are rolling in: Treasury Secretary Timothy F. Geithner's publically maligned and disappointing bank plan was purposely ambiguous, sources close to the deliberations are saying. Just days before its announcement, Geithner changed strategies altogether—his initial proposals were "too expensive, too complex and too risky for taxpayers," reports The Washington Post. Instead of forming a detailed plan that would need revisions and ultimately frustrate taxpayers, Geithner and his team ran with the more vague idea—to pair investments and loans and buy the risky assets—in the hope of building it up later. Obama's senior advisers were also limited by shortage of personnel, and the plan was not vetted by the involved banks, which inflated its expectations and made the limp unveiling even more of a surprise.