As the details begin to emerge, I'm starting to spot devils.

A Treasury Dept. fact sheet on the proposal states:

"Treasury will have full discretion over the management of the assets as well as the exercise of any rights received in connection with the purchase of the assets,"

And how will Treasury manage a $700 billion portfolio of bad debt?

The proposal doesn't detail how Treasury would manage the assets, but does give Mr. Paulson the authority to hire private financial institutions to conduct the program...

So, let me get this straight.  Wall St. got us into this mess, but Wall St. could be hired to manage the program that bails them out?

And what's to keep the Treasury Secretary from steering lucrative asset management contracts towards Dick Cheney's buddies on a no-bid basis?  Nothing.

The plan offered to Congress also gives the Treasury legal immunity from any lawsuits. "Decisions by the secretary pursuant to the authority are non-reviewable … and may not be reviewed by any court of law or any administrative agency,"

Now isn't that special? 

If Haliburton doesn't already own a subsidiary "private finacial institution," they will by the end of the week.