CNBC is reporting Wall Street May Manage Its Own Bad Debt: Treasury. It's not official, but considering how fast they are throwing this entire thing together, I'd say it's probable.
Talk about Foxes in the Hen House! They are going to give taxpayer money to the same guys who through derivatives just tried to claim bad debt was profit until it built up like an neutron bomb?
These managers will each run portfolios of up to $50 billion each, according to a source familiar with the plan. The portfolios will be amassed through so-called "reverse auctions" where the seller bids the lowest price it will accept from the government for buying up the asset
Hmmm, the seller bids the lowest price it will accept from the government....on debt that is worth nothing. I see. All of this is being billed to limit the cost to the taxpayer. How about let these corrupt government officials, CEOs and executives who created this mess, pay for it?
Of course they put that into place before having any clue on how to value these cough, cough assets.
And who are they looking for opinions on the street from? Why Billionaires! Mike Bloomberg:
You can’t just blame the banks, you also can blame the people that took out mortgages ... We were brought up that you first had to put some savings together and then enjoy. But this whole society has gotten to the fact that we’re a now, give it to me today kind of society