Paulson: trust but verify

Talk about blank cheques. Friday’s money market fund bailout, and US Treasury secretary Hank Paulson’s giant - albeit as yet opaque - plan to help banks, look like overreach by the former Goldman Sachs boss. Sure, few would relish politicians leading market intervention. But it’s taxpayers’ money, and their elected representatives should keep Paulson under control. He already pledged up to $200bn of other people’s money to prop up Fannie Mae and Freddie Mac, after lawmakers gave him carte blanc...