Wary Banks Hobble Toxic-Asset Plan - WSJ.com
It was an ill conceived idea for everybody. The realization now starts to sink in and everybody is trying to get out of it in as politically viable a way as is possible.
The best way of implementing that idea was as a market maker on those assets bought/sold at a refined level of granularity.
I have an article coming in the Investment Professional coming out next month that use the BICs framework to show how a lot of what was said was merely smoke and mirrors, including what the "smartest" said. A must read.
http://www.theinvestmentprofessional.com/upcoming-articles.html
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