On the one hand, this was one of the things that I, and others, worried about when the president announced his Cabinet (and let me just say that it is nice to listen to a president, even one who you disagree with on some fundamental issues of economic power, who can conduct a news conference, put together complicated policy ideas and express them in the English language). The Treasury Secretary, a protege of the now-disgraced (in rationale peoples’ minds) Robert Rubin, has prevailed in round one:

In the end, Mr. Geithner largely prevailed in opposing tougher conditions on financial institutions that were sought by presidential aides, including David Axelrod, a senior adviser to the president, according to administration and Congressional officials.

Mr. Geithner, who will announce the broad outlines of the plan on Tuesday, successfully fought against more severe limits on executive pay for companies receiving government aid.

He resisted those who wanted to dictate how banks would spend their rescue money. And he prevailed over top administration aides who wanted to replace bank executives and wipe out shareholders at institutions receiving aid.

   On the other hand, I was less than impressed with the CEO pay caps announced previously. As I argued, I would have been much more interested in winning a provision that banks that receive taxpayer money must remain neutral in union organizing campaigns. And I would argue that that is still a worth goal to push as this new proposed Treasury plan makes its way in Congress.