Now It's Semi-Official: MLEC to Rise From the Dead

Remember the embarrassing ten weeks or so of Henry Paulson failing about to try to get his "get the bad assets out of the structured investment vehicles" effort, the MLEC, also fondly known as The Entity, off the ground? It quietly faded from the headlines.. Why? It was supposed to be a private sector solution, but guess what? Investors had no desire to buy assets at phony prices, and banks didn't want to unload them at market. Various efforts to finesse the basic problem predictably got nowhere.