Bailout-Sinks!

Business News

WASHINGTON, Oct. 4 (UPI) — U.S. Treasury Secretary Henry Paulson is considering who to hire to lead the implementation of a $700 billion financial industry bailout plan, sources said.

Also being worked out is how to manage any conflicts of interest that could arise if he taps one of the Wall Street firms recommended to him, which include Legg Mason (NYSE:LM), Pimco, BlackRock and MKP Capital Management, sources told The Washington Post Saturday.

Paulson’s deliberations come amid indications that the passage and signing by President George Bush of the massive market intervention bill did little to immediately improve the credit crunch.

Mohamed Erian, co-chief executive of the giant asset management firm Pimco, told the newspaper that short-term credit trading for anyone other than the federal government remained at a “virtually nonexistent level” Friday, saying, “While constituting a necessary condition, the rescue package is not sufficient to radically counter the immediate disruptions.”

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Paulson is also seeking a key executive to oversee the rescue program who would be given the rank of assistant secretary of the Treasury, as well as about two dozen bankers, lawyers and accountants, the Post said.