Taxpayer Hosed!

Bloomberg has finally gotten the Federal Reserve to reveal assets it accepted as collateral for the Bear Stearns and AIG bailouts.

While the value of Bear Stearns assets couldn't be valued precisely, the description is not promising. The $20 billion face value trust is worth pennies on the dollar. Maiden Lane II and III come from AIG. These have dropped from $35 billion to $15 (44 cents) and from $56 billion to $22 (39 cents).

Get ready for a nice round of taxes to pay for this!