Meredith Whitney spoke with Maria Bartiromo on CNBC Thursday, where she said the government is "throwing good money after bad."
Whitney, who earlier this week announced she was leaving Oppenheimer Funds to open her own firm, called the move "a dream come true."
Her view on the Treasury's plan, however, was less optimistic: "What I thought was a mistake of the proposal was it underestimated the intelligence of the American people because it was built up obviously to be this great saving grace," and it fell short because of its lack of detail.
The plan was vague, "and that's what makes me still nervous," she told Bartiromo. "There are so many constructive things that I would love to see going on but we're still dealing with the same issues over and over again. Which is primarily throwing good money after bad."