[Prince]

Bailed-out banks to buy toxic assets

Does this mean what I think it means?

These banks got in trouble by having toxic assets in the first place. They were bailed out and pretty much know that they can do anything now, since they have unlimited support from the Feds. So now the M2M rule is back, they can buy these toxic assets are bargain prices--on the taxpayer dime--and value them as they see fit, potentially making a windfall in the process.

This makes me sick.

[Cid_Yama]

The whole point of the program was take these assets off the banks books.

They may think they are going to game the system but Congress is already on to them.

Spencer Bachus, the top Republican on the House financial services committee, told the paper that he would introduce legislation to stop financial institutions "gaming the system to reap taxpayer-subsidized windfalls."

Bachus added it would mark "a new level of absurdity" if financial institutions were "colluding to swap assets at inflated prices using taxpayers' dollars," according to the paper.

[jupiters_release]

They're "buying" these securities from themselves.

KD already predicted this couple weeks ago:

http://market-ticker.org/archives/894-O ... dsman.html

[auscanman]

No way to close all the loopholes in such an absurd and fraudulent system. At the moment there's nothing to stop banks getting hedge funds to buy up some other bank's toxic assets on their behalf. This was undoubtedly a fully intended consequence of the plan.