Well, it appears the NY Times has the scoop on TARP II, as U.S. Treasury Secretary Tim Geithner will outline it in a speech tomorrow. Essentially, Geithner has prevailed. What this means is Wall Street has just won a big one, and Main Street just got screwed...huge.

According to the NY Times, here's the deal: "Geithner Said to Have Prevailed on the Bailout."

Geithner Said to Have Prevailed on the Bailout
By STEPHEN LABATON and EDMUND L. ANDREWS
Published: February 9, 2009 (late today)

WASHINGTON-- The Obama administration's new plan to bail out the nation's banks was fashioned after a spirited internal debate that pitted the Treasury secretary, Timothy F. Geithner, against some of the president's top political hands.

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.

There's more...