A US backed coup, sez Hugo and Evo (still waiting to hear from Oliver Stone on this).
But it actually doesn't appear to have been anything so grand. Correa and his congress passed a law cutting police bonuses. He then went to a police barracks to "address" them. Apparently he taunted some of them saying stuff along the lines of "Kill me if you're so brave". They didn't kill him but they did tear gas him and "pelt him with water" (people, does this mean shoot him with a water cannon? or just dump a bottle of Perrier on his person?), and then hold him hostage in a hospital for a while.
No evidence of a pre-meditated plot, no evidence of a plotter who planned to take over post coup. Just a hot-headed econ PhD president and a shockingly undisciplined, unprofessional, and disrespectful group of cops.