From Elizabeth Warren's COP report [PDF, for pete's sake!*], here are the benchmarks:

Transparency. Swift action to ensure the integrity of bank accounting, particularly with respect to the ability of regulators and investors to ascertain the value of bank assets and hence assess bank solvency

Assertiveness. Willingness to take aggressive action to address failing financial institutions by (1) taking early aggressive action to improve capital ratios of banks that can be rescued, and (2) shutting down those banks that are irreparably insolvent.

Accountability. Willingness to hold management accountable by replacing - and, in cases of criminal conduct, prosecuting - failed managers.

Clarity. Transparency in the government response with forthright measurement and reporting of all forms of assistance being provided and clear

Now let's look at today's story in Izvestia on the Hudson, Questions Over Bailout for Insurers:

First, transparency:

All of the dozen insurers that have applied for TARP money are believed to be life insurers, although not all have been identified.

FAIL!

Second, assertiveness:

Infusions from TARP could offset that pain by restoring some capital, if the Treasury acts in time.

The life insurers have been waiting for nearly half a year, after being told last November that they could apply for TARP money if they had a federally regulated affiliate. Several insurance companies promptly bought thrift institutions to obtain their federal charters.

While the applicants have waited, all have grown weaker.

FAIL!

Third, accountability:

As the Treasury Department considers life insurers’ applications for a bailout, big questions remain about how hard a bargain the government will drive.

The question is whether the Treasury will pour billions more into shoring up the life insurers or subject each to rigorous testing, then determine which are viable and perhaps force quiet [haw] mergers and divestitures for those deemed too weak to save.

FAIL!

Fourth, clarity:

A spokesman for the Treasury said that the criteria for insurers were still being developed and that it would probably be at least two weeks before any of them got their answers.

FAIL!

Let me take just one moment to add that up.... FAIL!

NOTE * Where's the transparency in using a proprietary data format that's hard to quote from, slow to load, requires a separate reader, and can't be linked into? Sheesh!

NOTE There will, however, be plenty of opportunities for insiders to profit, whether through campaign contributions, arbitrage (as insiders will know who will be bailed out before the market does), or opportunities in the private sector -- bribes disguised as consulting fees or speaking engagements, future seats on boards, and so forth. Yay elite! Of course they don't want transparency. Or accountability. Or assertiveness. Or clarity. What's the percentage in that?