Chuck Hagel, who retired from the Senate last month, said the latest incarnation of the federal bailout plan is not perfect but is "moving in the right direction."The former Republican senator from Nebraska, quickly added, "The devil is in the details."

Mr. Hagel, who spent 12 years on the Senate Banking Committee, has some fresh perspective on the issue, given his new perch at Corsair Capital LLC, a New York private-equity firm specializing in financial services. He joined Corsair's board this week as a managing adviser.

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