Bailout's Execution Draws Bipartisan Ire on Hill

Treasury's point man takes heat from lawmakers
By Harry Kimball,  Newser Staff
Posted Nov 14, 2008 3:38 PM CST
Bailout's Execution Draws Bipartisan Ire on Hill
Rep. Dennis Kucinich addressed a Treasury official today.   (AP Photo)

The Treasury Department's radical shift in the execution of the government bailout drew fire from both sides of the aisle in a Capitol Hill hearing today, the Washington Times reports. Neel Kashkari, point man for the $700 billion plan, felt the wrath of the House Oversight subcommittee's ranking Republican, Darrell Issa, as well as Democrats Dennis Kucinich and Elijah Cummings. "This is a classic bait-and-switch," Kucinich railed.

Hank Paulson, tasked with relieving institutions of toxic debt, promised “to get rid of these assets by selling them off,” Issa said. “He got the money and immediately said, ‘What auction?’” Cummings focused on Kashkari, the Washington Post reports. "I don't know what we're paying you but you're our employee," he said. "Look in the camera and tell these people what you are doing."
(More Henry Paulson stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.