More broadly, the banks’ chutzpah illustrates the massive money transfer that is the PPIP. You might as well just hand these people the money and get it over with.

I’m hoping you passed the astonishment test. If you didn’t, you’re too far gone.


Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu.