WASHINGTON — No one denies the job is difficult. Everyone agrees the deadline was tight. But few were impressed Tuesday when the Obama administration unveiled its improvements to the government's rescue of the financial services industry.
The plan is short on pivotal details like how to establish values for illiquid assets and it puts off crucial issues like accelerating the pace of loan modifications. More "transparency" was pledged, but exactly how the government will force banks to prove they are using capital injections to finance new loans remains unclear.