TARP Repayment Sells Taxpayers Short

06/20/2009 05:12 am ET | Updated May 25, 2011
  • Minyanville Minyanville

When the financial world collapsed last fall I held out a strange sense of hope. I thought the government would come in as the only buyer in a landscape of forced sellers. It would buy a lot of assets at a deep discount to their longer-term value walk away and sell them when something closer to true value could be realized. I’d seen this movie again and again in various hedge-fund theaters. This time I hoped the taxpayer would play the role of the deep-pocketed investor taking advantage of a bunch of overextended peers. While this proved to be ...

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