Wow. 15M USD controlled assets probably worth more than 500M USD by 2011 via the following:

1. Pony up 15M USD
2. Buy 220M of securitized assets at discount because markets are scared
3. Trade the junk at face-value to the Fed for a non-recourse loan
4. Use the 220M USD to buy great assets currently on fire sale

Note that both buys have to go to zero for this not to at least return back the 15M.

Waterfall was capitalized with $14.87 million, presumably from Mack and Karches. Two months after the company was established, the Fed gave them low-interest TALF loans totaling $220 million. The way TALF loans were set up, 100 percent of any profit is retained by the borrower, but the Fed and the Treasury absorb any losses. The Fed and the Treasury are funded by taxpayers. Waterfall used the $220 million TALF loans to buy securities, including a large pool of commercial mortgages managed by Credit Suisse, a company once headed by Mack's husband.

-- Wikipedia TALF