There is so much to write about right now I cannot even see straight but unfortunately so is my general to do list. So again this one is going to be quick. This public private partnership that has been offered as a solution to the problem of toxic assets is a joke. When I first read about it last week I wrote that it sounds ‘too good to be true’ for those who are allowed to participate and that the risk would be that the public (taxpayers) figures that out and would go ‘NUTS‘. That is happening. Mark my words this program is going to blow-up. Yesterday this piece in the FT highlights the problems with the program: “Why Geithner’s plan in the taxpayers’ curse.” Today the front page featured this story “Bailed-out bank groups consider buying toxic assets from rivals.” In my search I found another BLOG has picked up on the insanity of this – MonkeyBusiness ( what a great name). Add to this the suspension of mark to market accounting for financial institutions which again, I could write pages about, and you just have to throw up your hands. This will result in an accounting windfall while hiding the fact that banks are still loaded with loans marked at prices they will never see again. OH WAIT!!! They may see them again because the treasury has found a way for a handful of institutions to buy them at too high of a price because the government is offering them free money and limited downside. So much so that now they are trying to buy the junk from each other. It is all a big shell game and the taxpayer will most certainly be the ones to pay. How can it end nicely? So much more to say but have to go……………..