With the government suggesting that it will turn its debt stakes in the banks into equity (thereby stretching TARP money ... by turning an obligation into an asset?), the future of finance is a moving target.  But I've written a piece about it here, for the new Lombard Street journal, which is focused on that sort of thing.

If we're taking stakes, we'll probably need overseers, which makes this warning shot from the Times urging the AIG trustees to disclose more particularly interesting.

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