Treasury Changes the Rules of the Game

It's hard to know what to make of the fact that the Treasury Department is extending the application deadline and "refining" the guidelines for the Legacy Securities Public-Private Investment Program. On the one hand, expanding the pool of eligible applicants might temper some of the fairness-based criticisms that the plan has received. (I.E. -- why can only the big players get non-recourse loans?) On the other hand, extending the application deadline is something you do when the first round of applicants is a bit weak.