Memo to Obama: Six reasons to cancel your $1 trillion toxic waste plan

Peter Cohan

President Obama: It's not too late to cancel the plan you're floating to use taxpayer debt and a sliver of private money to buy $1 trillion in toxic waste from banks. Why cancel it? Because it won't solve the problem and it will waste more taxpayer money. I know nothing about politics, but my hunch is that people won't be too happy when they find out that more of their money is going to enrich further hedge funds and private equity firms whose partners make bigger bucks -- one of them made $3.7 billion in 2007 alone -- than the bankers who got $16 billion in bonuses from taxpayer pockets in 2008.

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