Tuesday, March 24, 2009

HOW BANKS CAN GAME the Geithner rescue plan: it's dead simple. Banks can participate as a bidder in the auctions of the toxic legacy assets. They can take the loss in the original asset, considering the guaranteed bond insurance by the Fed and the FDIC. And it's foist off onto the taxpayer.

Talk about a bad-thought plan.

(via Outside the Beltway)