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Investor on Private Public Partnership: "One would have to be a criminal to participate in this" 
naked capitalism | by Yves Smith(noreply@blogger.com) | Sat, Mar 21
naked capitalism is the #2 Blogger for United States Department of the Treasury
Citi holds $100mm of face-value securities, carried at $80mm.
The market bid on these securities is $30mm. Say with perfect foresight the value of all cash flows is $50mm.
I bid Citi $75mm. I put up $2.25mm or 3%, Treasury funds the rest.
U.S. Treasury loses $22.75mm
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