I am not aware that the Treasury Department presented any evidence on auctions that have been successful when they are used for assets that are so heterogeneous

—William Poole, former president of the Federal Reserve Bank of St. Louis.

Even if it was adequate before, it’s not adequate now. If you delay and create uncertainty, the amount of money you have to put up goes up.

—Frederic Mishkin, former Federal Reserve governor

White House Overhauling Rescue Plan
By EDMUND L. ANDREWS and MARK LANDLER
Published: October 12, 2008
A new plan to inject capital into banks raises questions about whether officials squandered time selling an earlier bailout approach.