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The Bad Private Equity Fund
What seems like years ago, Simon and I wrote an op-ed in which we compared the initial proposal that became TARP to a bad hedge fund - a fund whose purpose was to overpay for illiquid securities and thereby shore up banks. Now that the original plan is dead , I think we can say that TARP has ...
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Sunday links: risk is on sale
Abnormal Returns — ... “I think we can say that TARP has become a bad private equity fund, whose purpose is to buy preferred stock on overly generous terms..in order to shore up banks and bank-like institutions…”  (The Baseline Scenario) ...

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