“What is so special about thecutoff date they chose of March 14, 2008?”
Yes, very curious.
And the worst thing about the bill, look and the second part of the definition of distressed assets. In short, it’s not just mortgages, but ANYTHING.
Even Carbon Credit derivatives.
It’s the worst thing...but I’ve only read so far.
Apparently Paulson has to send a letter notifiying Congress he is buying carbon derivatives, car loans, what have you, but that’s another “so what?” Not a protection at all.
Paulson won’t even need a letter. He can scribble on toilet paper and he’s met the requirement of the law. I can see it now. On the door of the US Senate, a 1” post it note saying,
Ladies and Gentlemen,
Promisory notes are “troubled assets”.
Love, Secretary