WaPo reports that one of the key reasons why Geithner’s plan on toxic assets hard-landed last Tuesday, was that the Treasury Secretary had come to the realization that the strategies he was about to introduce and had spent weeks working on, were too expensive and too risky for taxpayers. Left with no alternative, he adopted a previously considered initiative paring private investments and public loans to try to buy the risky assets. The problem however was Geithner didn’t have enough time to work out all the details before the plan was unveiled, consequently prompting the Street to express dismay over the lack of specifics. So, here we have the former NY Fed chief, who has first hand knowledge about the problem of troubled assets since the credit crisis erupted 19 months earlier, and all he can do is copy and paste an old proposal?!!!. Why Paul Volcker isn’t running the show is beyond me at this point.