Kashkari Begins Defense Of Treasury Actions On Bailout

Neel Kashkari, the man in charge of doling out the $700 billion bailout/relief plan, has begun his testimony before a skeptical House Financial Services committee, which you can read here.

Congress has the ability to hold up the second $350 billion of the bailout if it doesn't like how Treasury is spending the money it's been given so far.

"We are in an unprecedented period and market events are moving rapidly and unpredictably," Kashkari is saying. "We at Treasury have responded quickly to adapt to events on the ground."

-- Frank Ahrens
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