USA TODAY's Kathy Kiely reports that oilman-turned-wind-energy advocate T. Boone Pickens wants Warren Buffett to manage the assets of financial institutions that the federal government takes over as part of a proposed bailout of the U.S. financial sector.
Pickens, speaking at the National Press Club, says he hopes that the federal government doesn't follow the Resolution Trust Corp. model for disposing of assets.
He says that program heavily favored some companies at the expense of others -- and the taxpayers. "If we're going to put up the money and take the risk, we ought to get the profits," Pickens says.
With the right oversight, he think there could be profits. "If you could get Warren Buffett to manage the assets, I guarantee we the people would come out of this making some money," Pickens says.
Meanwhile, at an appearance in Scranton, Sen. John McCain, the GOP presidential nominee, also named the Berkshire Hathaway chief executive as a possible savior. He told supporters that his ideal oversight board would include Buffet, a supporter of Sen. Barack Obama, along with former Massachusetts governor Mitt Romney, a Republican, and New York City Mayor Michael Bloomberg, an independent.
"We won't solve a problem caused by poor oversight with a plan that has no oversight," McCain says.
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