Mish has a great rebuttle to the joint announcement in his blog titled Purposeful Joint Lie by the Treasury, Fed, FDIC that is worth a read. He is a little more cynical than usual in this post. I would assume that he's getting a little fed up (get it - FED up) with the current administrations actions. I could not agree more.
Transparency has been preached and promissed, but that might not be what we are going to get. As you may have heard in Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit Against Bank of America Corporation: http://www.reuters.com/finance/stocks/keyDevelopments?symbol=BAC.N×tamp=20090221002000&rpc=66
that Tahin can't or wont give testimony regarding the bonuses paid to ML executives. Also the Bloomberg suit regarding transparency is still hanging out there.
In the New york times article: In Latest Plan for Banks, U.S. Could Demand a Voting Stake
you'll find what BS Mish is referring to in the "pixie dust" scenario of the truth.