Soros Has a Different Rescue Plan in Mind

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Famed hedge fund manager and billionaire George Soros on Wednesday offered his opinion of the financial bailout plan currently before the Senate: "[It] was ill-conceived -- or more accurately, not conceived at all," he said.

Soros blasts Treasury Secretary Henry Paulson's plan because, he argues, it favors Wall Street over Main Street by targeting the credit crisis while ignoring the foreclosure problem. In an op-ed piece in The Financial Times, Soros suggests an alternative rescue plan.

First, however, Soros assails the current proposed plan for its haphazard solution to the problem:

"Two weeks ago the Treasury did not have a plan ready -- that is why it had to ask for total discretion in spending the money... The idea was fraught with difficulties. The toxic securities in question are not homogenous and in any auction process the sellers are liable to dump the dregs on to the government fund."

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