This shit is scary. Some random nerd on the internet explains how banks can buy bad assets from themselves at full ‘book’ value using the new toxic asset bailout, and basically steal money from us.
It’s so scary. But it’s entirely probable. It’s too advantageous for banks to NOT do right now, and perfectly legal for them TO do under the new plan. They will sell toxic assets to themselves at a fraction of the exposure to the loss, book a gain of a huge percent, and take very little loss. In the event of non-failure, they will enjoy a high percentage of even more gain. It’s pretty sickening to realize this is possible.
Tags: fuck fuck fuck, we're fucked