Argus

Off With the TARP, On With the CAP

If you will recall, Timothy Geithner did give a pretty good speech back on February 10th. However, he also left out a detail or two with regard to just how his “new” plan was going to make everything all better in the banking system – not the least of which was the name of the program.

Yesterday morning, in a joint statement issued by the Treasury Department, the FDIC, and the Federal Reserve (among others), we learned that the name of the new plan isn’t TARP II – The Supersized Version, but rather the Capital Assistance Program. And while the name could be considered a little drab, we will admit that the CAP does have a much sportier and upbeat connotation than does a musty old tarp.

Moving on to the more important aspects of the government’s press release, the group basically ...

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