Apparently, the administration is willing to give in on some of the Democrats points--but no word yet about that proviso that Treasury has the last word, and that word cannot be questioned.
Update: CNBC reports that there is no deal on the government taking an equity interest in companies that the taxpayers bail out. But note that doesn't say that there won't be a deal along those lines.
Also note that according to CNBC, the Democrats would create an "Emergency Oversight Board," consisting of the Fed chair (Ben Bernanke), and the chairs of the SEC and FDIC to oversee the Treasury's work. The Treasury would also be required to report weekly on assets held and assets bought and sold that week.