The ''new'' Geithner plan

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Yes, I cited that piece from FT in my previous post. As explained in that article, maybe the worst of the pack was liquidated first, so those rates may be too pessimistic. But it is clear that there is no reason to trust the claims from the banks either. This is why I proposed an incentive-compatible mechanism which forces managers to bear at least some responsibility for the prices that they claim. The Geithner plan has none of those components.