TBM Readers: Let’s Start a Private-Equity Firm!

I want to go toxic. The Treasury Department is auctioning off cumbersome assets as part of its new save-the-banks, save-the-world plan , and I see no reason why I shouldn’t be able to help. It is, after all, the American thing to do. Not only can I be a patriot by contributing to the recovery of my country’s economy, but I can also make a ton of money, with no possible way to lose more than 7.1 percent of my money . Lots of money; little risk—by virtue of my nationality, I’m in. But, as Daniel Gross explained , at first glance, the new plan doesn’t allow me to buy the toxic assets as an individual investor. It will only let me buy toxic loans. And, frankly, if I’m going to give my money to the cause of saving American capitalism, I’m going to strike at the heart of the matter, not at these sissy “legacy loans” I’ve never heard of. I need the toxic stuff, damn it. Yet the Treasury Department allows only banks, hedge funds, and private-equity firms to buy those. So it appears we, the proletariat, ... (link)