The FDIC decided to publish public comments on their “Legacy Loan” program. A distinguished gentleman named Benjaman N. Dover III wrote in with his concerns, and the FDIC published them (pdf). Excerpt:

This sweetheart deal for taxpayers would penalize banks for finding themselves in an unforeseeable predicament for which they bear no responsibility. It would also require selfless investors and asset managers to bear an unconscionable portion of the risk in return for minimal reward. If we’re going to get through this crisis, everyone’s going to have pitch in and sacrifice — and that includes the taxpayer.

In addition, Congress should grant a pre-emptive amnesty and pardon to all parties for any wrongdoing that they later may be unfairly accused of in connection with the program. (Remember, contrary to what certain populist muckrakers may claim, “gaming the system” is just another word for “nothing to lose”.) I hope it goes without saying that none of the fees or profits resulting from the PPIP should be subject to any ordinary (much less special) taxes.

Oh, the sweet sweet irony and sarcasm. How it escaped the FDIC, I have no clue. Oh, wait… I wonder if they’ll publish some commentary from Mike Hunt and Dan Druff.

P.S. – If you were never a 7th grade boy, you may not get these jokes. The names these commenters used are gag-names. Benn Dover said aloud sounds like “Bend Over”. Many have commented that the American taxpayer is getting bent over by the bankers. Voila, crude middle school humor.