FDIC Chief Says That Taxpayers Will Profit From Newest Bailout Plan

Good news, Taxpayers. I have it on the highest authority that the plan to set up partnerships with private investors to buy the banks’ toxic assets is a lock to make us money.

None other than Sheila Bair, the Chairwoman of the FDIC, said today that happy days are closer than we think.

A U.S. government plan for a public-private investment fund to buy distressed assets to help clean up banks’ balance sheets is likely to generate a “healthy” profit” for taxpayers and investors, the head of the Federal Deposit Insurance Corp said on Wednesday.

“We think that that is absolutely true that the assets are worth more than the current market conditions assigned to them and so that yes, over time, there will be significant profits from these,” FDIC Chairman Sheila Bair said in an interview with American Public Media’s “Marketplace” radio program.

Feels good doesn’t it? Sticking it to the banks that got us into this mess and making some money for ourselves for a change. If this works we might even take it overseas. With our checkbook and the smarts of our hedge fund and private equity guys we could pick the Euros pockets and they’ll probably thank us. Good old American ingenuity comes through again.

If you think this is too good to be true, it’s not. Just so you’ll know it’s on the up and up, the government is going to be totally transparent with this one. Yes, you heard that right. No fudging the numbers, there even going to tell us who partners with us in this grand caper.

Word is that some of our partners are a little uncomfortable with that but I hear that Geithner, Bair and Bernanke have given them assurances that Barney Frank and Maxine Waters will play ball. Since we’re going to be filthy rich they say they will overlook the jets, helicopters, salaries and bonuses. Of course, all campaign contributions will be thankfully accepted.

So, fellow citizens, get ready to party. Details of how we get our money will be forthcoming shortly.

more: here

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