Official details here and here. It’s pretty much as I described yesterday and I’m no more impressed than before. In particular, it hardly takes a corporate finance expert to figure out that “The equity co-investment component of these programs has been designed to well align public and private investor interests in order to maximize the long-run value for U.S. taxpayers” is a bit of a fib. Funnily, toxic (or troubled) assets have now been renamed “legacy assets”! This terminology might be appropriate if we were dealing with newly-cleansed banks with new ownership and management. However, as I’m reminded every time I see this man’s happy smiling face, that just ain’t the case.