Our friends at ProPublica, the new investigative journalism project, have posted a fascinating article about how the Treasury department will pick which banks to save.
Turns out: we have NO IDEA. There is surprisingly little guidance over exactly what criteria Treasury will use to select banks to receive billions of taxpayer dollars.
I find it interesting that the author, Paul Kiel, found conservative economists and banking officials as upset and confused as anybody about this lack of transparency.
They were nice to thank me and Planet Money for offering some guidance on the story. We like those guys and are always happy to help.