$220 Million Bailout for Wall Street Wives

One of our favorite journalists, Matt Taibbi reports that America has two national budgets, one official, one unofficial.

Following an act of Congress that has forced the Fed to open its books from the bailout era, this unofficial budget is for the first time becoming at least partially a matter of public record.

It reveals, among other disclosures, that a company called Waterfall TALF (Term Asset-Backed Securities Loan Facility) Opportunity received nine loans from the government, totting out to just over $220 million. Among its investors are Christy Mack, wife of Morgan Stanley chairman John Mack, and Susan Karches, widow of Peter Karches, who was the president of Morgan Stanley's investment banking division.

The article is currently excerpted online here, and the full text will be available in the magazine and online April 15.