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Distressed debt investor, Bill Bartmann sees a phenomenal opportunity in the PPIP.

“The current crisis is creating a whole new playing field and, with that, a whole new opportunity,” Bartmann said in an interview. “It’s going to be a bigger opportunity this time than last crisis.”

“It’s a great opportunity for us to finally get back on the road to recovery, but we can’t get there until we admit we have some really bad loans stinking up the books of our financial institutions,” he said. “This is going to be their chance to purge.”

“What the FDIC is telling 8,300 banks is, ‘Gentleman, we have a bad loan amnesty program,'” he said. “They’re saying, ‘Give us your bad loans, pull them out from their hiding places, all those loans you’ve been in denial about or trying to defend, and we will let you disgorge them.'”

Bartmann is certainly more optimistic about the plan than many other large investors such as Bridgewater.   Bartmann thinks he has a golden goose.  I think Bartmann will be surprised to find that the banks aren’t selling at the distressed levels he saw during the S&L crisis when the RTC took over FAILED firms.