The reality? Out of the nine original institutions bailed out, 3 were in fact not healthy. That's one-third, for those who love to do math.
"These are healthy institutions, and they have taken this step for the good of the economy," Paulson had declared at the time."
Yes, we know......you had no idea what you were dealing with or as we can now see, no real effective way to deal with it. Throwing money at problems is never the answer. If it was we would have abolished poverty, our medical crisis and all our other issues a hundred years ago.
But Assistant Treasury Secretary Herbert Allison Jr., who now heads the bailout program for the government, said that any critique of the announcements made a year ago should take into consideration the unprecedented circumstances facing financial regulators at the time.