How not to apply for a grant | WHAT REALLY HAPPENED

How not to apply for a grant

I'm not usually in a position to say that I have more experience, knowledge and know-how than Ben Bernanke, but he really should've talked to somebody like me before heading to Capitol Hill yesterday to help Treasury Secretary Henry Paulson present a three-page memo asking for $700,000,000,000 of the public's money.

Three pages. Seriously:

Under questioning by the Senate banking committee, treasury secretary Henry Paulson clashed repeatedly with congressmen as he admitted that he had only a rough idea of how his department would price and purchase toxic mortgage-backed securities. ...

Legislators pointed out that they initially received only a three-page summary of how the government's intervention will work.

That description of a "three-page summary" isn't quite accurate. Calling it a "summary" implies that there exists some longer document offering a more detailed and documented proposal. No such longer document exists. The three pages isn't a "summary," it's the entire plan.