Another failed Geithner program to save America

Over the past year we've learned all sorts of new acronyms related to our economic catastrophe - MBS, CDS, TBTF, OTS, SSDP*, etc.

But do you remember PPIP?

Public-Private Investment Program

If you don't recall it, that's NBD. Team Bailout (featuring Bush, Obama, Bernanke, Dodd and Frank) has been hard at work creating all sorts of schemes to counterfeit money and bailout more of their buddies on Wall Street that few of us can remain current.

Anyway, Bloomberg's Christopher Condon and Jody Shenn give us some of the more important details of PPIP and how TBTF see the situation:

Only months after it was started, the U.S. program designed to purge debts of no immediate discernable value from the balance sheets of troubled banks has helped transform the frozen debt into a money-maker as the bonds have rallied...

It’s “absolutely ridiculous” that banks, which were expected to reduce their holding of such volatile mortgage securities, bought them before the government program was running and may now profit, said Michael Schlachter, managing director of Wilshire Associates, the Santa Monica, California- based investment-consulting firm. “Some of them created this mess, and they are making a killing undoing it.”

Tim White

* OK, this one may not be that well-known. But when it comes to Bush's failed economic team Obama's failed economic team, it should be.