The lack of transparency on the TARP, the name given to the US gov rescue program, may be by design. It doesn't want to show where all the stuff is coming from. It is on record, just not public.
The TARP is buying hedgefund grade securities and getting a lot of volatility on its books. It is a 700lB gorilla entity in a market that measures 1500B? Yes, the TARP is a hedgefund, and a big one. The system generated too much bad debt and systemically. TARP is here to take care of it. Time for the asset class to appear as just an expensive fee schedule. Will the hedgefund industry go poof! like Iceland did?
But don't cry for the masters of finance. They got their bonuses on a annual basis and in cash. They will do just fine, through the credit winter. In fact they are looking forward to some well earned R&R now that that weather is getting rough. Thank you for the fish! When the going gets tough, the hedgefunders pack up.