Mr Paulson and Mr Bernanke Testify Before Senate Banking Committee

Apparently the blackmail doesn't work. What do you expect from a plan that doesn't have accountability? Not to mention 'moral hazard'.

Links:
NY Times: Buyout Plan for Wall Street Is a Hard Sell on Capitol Hill.
The blogs are a blazed with outrage Krugman, CR, Freakonomics, even Tyler is cynical with hanky-panky.

Paulson Bailout Plan

Pointed by Krugman.

I, as non economist, don't like this:

Sec. 8. Review. Decisions by the Secretary pursuant to the authority
of this Act are non-reviewable and committed to agency discretion, and
may not be reviewed by any court of law or any administrative agency.

Great, now I want to be the Secretary of Treasury.

Link:
NY Times: Text of Draft Proposal for Bailout Plan

Update: comment by boing2: Hank Paulson's bailout 419 letter
Update: relabeled as 'hanky-panky'