The whine: How come Paulson didn't buy up the shit assets held by the banks like he absolutely promised? The reason he didn't is the same reason we are in this fucking mess: he can't find them. All the so called assets are buried in a pile of futures contracts, REITS, CDOs and other phantom shit that make the asset virtually invisible. Keep in mind that as many as a hundred insurance policies were written on the same asset, but the asset doesn't exist. Oh a piece here and a piece there from a mortgage that has been "tranched" into invisibility show up now and again, but nothing anyone can put a handle on. The reason the "deleveraging" is taking so long is that finding each asset is nearly impossible. The banks were virtually broke so he did the next best thing: buy preferred stock and warrants and stuff money into the banks. Trust me, I know a guy.......Oh, and then there are the bonds, the vehicle the genius class discovered they could short.....ta daaa. So they invented a vehicle that bonds could be sold on, but the vehicles don't exist either. Only highly educated crooks could have conceived of all this. Thanx Harvard......As the lady who exposed all this stuff wrote:

If you want to know what these Wall Street firms are really worth, take a hard look at the crappy assets they bought with huge sums of ­borrowed money, and imagine what they'd fetch in a fire sale.