Let a thousand bad banks bloom

Paul Sheehan is CEO of Hong Kong hedge fund Thaddeus Capital. He arrived in the alternatives world with a unique background, having in the past worked as a bank examiner at the Federal Reserve in the US, followed by stints as a bank equity analyst at the ill-fated firms Bear Stearns and Lehman Brothers. His first commentary on the crisis was titled 'Credit crisis needs a Churchill' and was published in October 2008. Here he takes a look at the United States' good bank/bad bank plan.