Treasury Dep't: No PPIP Applicants for You
The Treasury Department yesterday named nine managers for the PPIP, which is designed to help banks escape the toxic messes of their own making. It also said "over 100 unique applications... were received." It almost sounds like PPIP was so popular that Treasury had to beat off hopeful participants with a stick. To know for sure, though, it would be helpful to have a list of the rejected applicants. After all, what if most of them were crackpot lounge singers who don't know CDS from CPR? Unfortunately, Treasury is refusing to give out the list. A Department spokesman simply said "no," when I asked earlier this morning, without providing an official reason. We could speculate that Treasury doesn't want to cause reputational damage to the losers, but the government hasn't objected to identifying losing bidders for failed banks. So that couldn't/shouldn't be it.
