What Yves said
Banks Aiming to Play Both Sides of Coin -- Wall Street Journal. A more accurate title would be "Banks Shamelessly Ask Permission to Game PPIP in the Open." After all, if they did it through friendly intermediaries, it just reduces the subsidy to the banks, which was the whole point of the exercise, right?
Bingo. And as Krugman has argued from the beginning.
Surprise, the Big Shitpile really is shit.
NOTE Calculated Risk:
The purpose of PPIP is to remove the toxic legacy assets from the bank's balance sheet, not to allow the banks to game the program at taxpayer expense.
Oh, really? Read the comments, they're priceless.