Opps

Treasury's Rescue Plan Hits Technical Snag - washingtonpost.com

Banking regulators are working today to resolve accounting roadblocks that would hold up the government's plan to revive financial markets by investing $250 billion in the nation's banks.
The problem is this: Under existing rules, banks cannot count the Treasury Department's investment as part of their core capital, the foundation of money that supports a bank's operations.

So, none of those "experts" who have been screaming for the direct injection model figured this out?

Here is one accounting rule I would be willing to suspend -- at least temporarily.