After securing congressional approval for the rescue plan on Friday afternoon, Hank Paulson, Treasury secretary, vowed to “move rapidly to implement the new authorities, but also methodically” and insisted that “transparency” would be important throughout the process.
Over the weekend, Treasury officials have been working on the release early this week of criteria for the hiring of several large asset management groups that will be charged with managing the portfolio of assets purchased by the government.
Firms interested in the high-profile mandate will be expected to turn round their applications quickly so the Treasury will be in a position to start evaluating the proposals by the end of the week. The Treasury will also be releasing guidelines for the hiring of more than 20 accountants, lawyers and financial advisers to oversee the programme from within the department.