10.04.2008

So it's all just some sort of wacky debt-laundering scheme?


Treasury officials do not plan to manage the mortgage assets [that they're gonna buy on their new $700-billion credit card] on their own. Instead, they will outsource nearly all of the work to professionals, who will oversee huge portfolios of bonds and other securities for a management fee.

[From For Treasury Dept., Now Comes Hard Part of Bailout - NYTimes.com]

(Emphasis mine.)


What do you suppose is on the other 449 pages if that new law?



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