Veterans of ’90s Bailout Hope for Profit in New One

[Joanne98]

WASHINGTON — A tight-knit group of former senior government officials who were central players in the savings and loan bailout of the 1990s are seeking to capitalize on the latest economic meltdown, enjoying a surge in new business in their work now as private lawyers, investors and lobbyists.

With $700 billion in bailout money up for grabs, and billions of dollars worth of bad debt or failed bank assets most likely headed for sale or auction, these former officials are helping their clients get a piece of the bailout money or the chance to buy, at fire-sale prices, some of the bank assets taken over by the federal government.

“It is a good time to be me,” said John L. Douglas, a partner in Atlanta at the law firm Paul Hastings and a former lawyer for bank regulators who helped create the agency that administered the last federal bailout, the Resolution Trust Corporation.

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http://www.nytimes.com/2008/12/29/us/29bank.html?_r=2&hp=&pagewanted=all

[marketcrazy1]

1. the RTC was a scam!!

it cost taxpayers hundreds of billions and minted many new millionaires and made many more wealthier as they purchased " assets " for pennies on the dollar leaving all the CRAP for us!!!! the TARP is RTC squared! the pig men are going to feast on this like there is no tomorrow!