Marketplace Scratch Pad

Your tax dollars at work (or not)

Paddy Hirsch Oct 21, 2009

Reuters took this photo of a deserted Oklahoma City Mall that is now owned by you, the humble taxpayer.

Actually, the Fed owns it, thanks to the $29 billion loan it made to JP Morgan when the bank bought Bear Stearns.

That money was secured by a portfolio of Bear assets. Crossroads Mall is the only bricks and mortar acquired through bailout. The remaining billions are tied up in invisible securities spread across hundreds, if not thousands, of properties.

Anyone wanna buy a deserted shopping center? Anyone?

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