Ever since the outlines of the Public-Private Investment Program were announced a couple of months ago, banks and the investment community have been anticipating the possibilities that the program might present. In the meantime, editorial commentators and other pundits have held forth about the likely success (or not) of the announced program in helping to restore the health of the financial community in the United States. In addition, comments have been made by various governmental agencies which have begun to shed some light on the “hot button” issues and the bureaucratic struggles under way in the run-up to the official announcement of the Programs’ details. It is worth pausing to revisit some of these issues as they relate to the so-called “Legacy Loans” aspect of the Program.

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