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In (Limited) Praise of Discretion
Angry Bear — ... The law actually requires a contingent equity grant to accompany any TARP asset purchase; it just leaves every salient detail up to the Secretary of the Treasury. So to the question of whether the Secretary can structure TARP purchases as preferred equity injections, the reasonably plain answer from the text of the law is, sure. (See also Krugman, who links Roubini with some backstory.) ...

Gordon Brown: Step-Skipper
A Fistful Of Euros » A Fistful Of Euros — ... not only saved the world”) and was hailed at the time by Paul Krugman; in fact one suspects that it was Krugman’s praise which went to Brown’s head: Follow the leader … Readers ask what I think should be done about the financial crisis. The answer is, what Gordon Brown in doing in Britain … Let’s give thanks to Chris Dodd, who insisted on the provision that makes this possible — and to Gordon Brown, for showing the way. [link1, link2] Now it’s January and where are we?  Instead of the TARP, which ...