Hmmm, is there a clever ruse here? Set up a bank with the sole purpose of dumping the bad debt into it in the knowledge that this bad debt will then be bailed out by the Fed? Mayeb the BoE could set up an American branch and then dump its own bad debt into it, ready for bail-out.
There is already some interested comment on the possibilities for UK and other foreign banks that have subsidiaries in the US.
Damn, My house doesn't have enough floors to get a sucker to buy my level 3 assets.
I was thinking of putting my old ASUS computer in at $1 but even they wouldn't pay such an outrageous price.
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