A short while back the Fed announced a new program to buy up to $600 billion worth of mortgage backed securities. Remember, this was what the TARP was originally supposed to do. But then Paulson decided to invest money directly into the banks to recapitalize them. And then the Fed decided on its own to do basically the same thing on its own. They’ve already bought up $100 billion worth and they’ve now hired BlackRock, Goldman Sachs, PIMCO and Wellington Management Company to purchase and manage $500 billion more worth of the stuff.

Why did these four companies get the contract? That’s none of your business. The Fed just decided. Says the Fed, “The selection criteria were based on the institution’s operational capacity, size, overall experience in the MBS (mortgage-backed securities) market and a competitive fee structure.” In other words, these guys are the ones who know how to do it. But no public process, criteria or anything else.

Their purported knowledge, which I’m sure is true in a sense of technical experience, is somewhat belied by the fact that these were the firms that helped build up the mess in the first place.

And, think you get a decent commission for managing half a trillion dollars of assets? Yeah. Me too.

I’m remembering that moment when Alberto Gonzales was humming ‘I Shall Be Released‘ while reviewing the torture memo with John Yoo.

Rep. Bobby Rush (D-IL) went on Larry King last night and reiterated that the fate of African-Americans and race relations in America is dependent on the appointment of the heretofore unknown Roland Burris to the U.S. Senate. That and the day’s other political news in the TPM Election Central Morning Roundup.

Late Update: A snippet of Rush:

Alberto Gonzales: “I consider myself a casualty, one of the many casualties of the war on terror.”

Late Update: Read the whole piece. Gonzales has built a mental monument to himself that is just as narcissistic as Roland Burris’ more tangible marble edifice.

Senator-designate Roland Burris already has a lavish — and expensive! — cemetery plot/temple constructed for him and his wife under the seal of the state of Illinois listing his many marvelous accomplishments.

To think how close we came to hitching our wagon to this charlatan … The Times takes a look at Mikheil Saakashvili, President of Georgia, who isn’t so popular even at home these days.