Congratulations America! You are now the proud owners of several failed "wholesale" credit unions. And what a bargain! Only $50 billion or so in bad assets will be absorbed by us, the taxpaying public, in a deal that will transform (there's that word again) the credit union industry.The Wall Street Journal: Regulators announced Friday a rescue and revamping of the nation's wholesale credit union system, underpinned by a federal guarantee valued at $30 billion or more. Wholesale credit unions don't deal with the general public but provide essential back-office services to thousands of other credit unions across the U.S. The majority of retail credit unions are sound, but they will have to shoulder the losses through special assessments over the next decade. Friday's moves include the seizure of three wholesale credit unions, plus an unusual plan by government officials to manage $50 billion of troubled assets inherited from failed institutions. To help fund the rescue, the...(Read Full Post)