In one of the more bizarre consequences of the big investment bank bailouts and failures, the Fed now owns one Crossroads Mall in Oklahoma City.

http://www.npr.org/blogs/money/2010/04/the_tuesday_podcast_the_fed_wa.html

Skip ahead to about 18:35 to hear about the mall, but, really, listen to the whole thing.  Very interesting.

As explained in the story, the original owner or developer defaulted on their loan, a loan that had been packaged as part of some financial security instrument that Bear Stearns acquired shortly before going under.  When JP Morgan was invited to absorb Bear Stearns, it did so under the condition that the Fed buy the mall and associated detritus (read toxic assets) it wanted nothing to do with.  The Fed bought it, the developer defaulted, and now the Fed owns it.  If the Fed can’t sell it for something near the inflated price it paid for it, we the taxpayers get hosed because the Fed is playing with our money.

If you’re wealthy and feeling particularly patriotic, please call Ben Bernanke at 202-416-1730 with your American Express Centurion Card ready and offer to take it off his hands at cost.  This taxpayer would appreciate the gesture and would certainly do the same if he had the resources.