Friedman takes his private equity overlords' marching orders with enthusiasm in today's NY Times editorial (registration required), the takeaway line:
"...we need to get a market going that would bring fair value and clarity to the “toxic mortgages” crippling the balance sheets of our major banks. This will likely require some degree of government subsidy to private equity groups and hedge funds to get them to make the first bids for these toxic assets by guaranteeing they will not lose. This could make great policy sense, but be a nightmare to sell politically. It will strike many as another unfair giveaway to Wall Street.
"Unfortunately, the president may have to look the American people in the eye and explain that 'fairness is not on the menu anymore."
So to sum up, it isn't fair, and it is a giveaway. Nice work, Tom; your paymasters will no doubt be pleased.
