The TARP is being delayed because Treasury can’t seem to figure out how to hire the asset managers necessary to get the program off the ground (via WSJ):

WASHINGTON — The Treasury Department’s plan to begin buying bad loans and other troubled assets has been complicated by delays in hiring financial firms to oversee the $700 billion program.

Treasury won congressional approval for the program on Oct. 3. It said at the time that it would quickly hire asset managers, and that the program could be up and running within a few weeks. (Please see related article.)

Several hurdles have arisen, including concern over the fees the government will pay asset managers, as well as a lack of manpower at Treasury, said people familiar with the matter. The delays have contributed to investor uncertainty about how effective the rescue plan will be.

Well I am just shocked. I thought this bailout was going to save us all from capitalism and they can’t even get the thing functioning. And PIMCO? Could they find a firm with a few more conflicts of interest? Over 80% of the portfolio in their flagship fund is invested in mortgage securities. Could they bid for assets at prices that make their own investments look good? Just asking….