Today's Toxic Asset Sale Program — Sound Familiar?

Law360, New York (May 7, 2009, 12:00 AM EDT) -- For investors, the latest government efforts to revive an ailing banking system might bring back old memories, not all of them good. Some of those bad memories might involve the government’s reneging on a novel and ultimately successful plan to reinvigorate Southwest banks 20 years ago. That experience might serve as a cautionary tale to potential investors of troubled bank assets.

In the late 1980’s financial institutions in the Southwest, and particularly in Texas, faced a capital crisis caused by a national recession, low oil prices...
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