Lobbyists' immediate focus is influencing how Treasury implements the massive bailout bill, a process that could be make or break for some financial institutions struggling under the weight of bad debts. "Treasury can do pretty much whatever it wants, whenever it wants and however it wants," said Steptoe's [Scott] Sinder. (emphasis added)
He's unfortunately right. We are going to have to mount public pressure on King Paulson and Prince Kashkari to use the little-noticed provisions in the bailout bill that provide the only modicum of hope that this financial crisis will be properly managed. Stay tuned for more on that in my newspaper column on Friday.
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