We wouldn’t either. But that’s how much experts are telling Senator Charles Schumer that setting up the “bad bank” to buy up toxic assets from financial firms could cost.
“There are some estimates that if you do a full good bank, bad bank, that it ends up being as high as three trillion dollars, and that’s a lot of money that could mess up lots of other parts of the financial system,” Schumer said (via Reuters). “I’ve talked to various experts. The estimates vary, from one to four.”
Schumer is a powerful member of the Senate Banking Committee. Thank God this thing is probably dead already.