Coburn Concerned About Bailout
Oklahoma City, OK – An Oklahoma senator who supported a $700 billion financial rescue plan say he's concerned that the intended program won't be implemented.
Sen. Tom Coburn joined two other Republican senators in signing a letter to Treasury Secretary Henry Paulson expressing ``deep concern'' that the mechanics of the program have been changed.
The Bush administration has changed the bailout package by dropping the idea of buying banks' troubled assets _ which was the centerpiece of the original proposal.
The plan now is to buy bank stocks.
The letter says the proposal to Congress was a plan to buy up ``toxic'' assets and the quick change raises questions about the original design as well as the propriety of future plans.
Paulson says at the time officials believed buying troubled assets was the best idea but soon decide that would take too much time and buying stocks instead would be more effective.