What If They...

Just take the money and run...
So to speak. Here we are: I (the Wall Street financial wizard) sell You (the Taxpayer) my crappy near-worthless bad financial instruments (like Mortgage Backed Securities and assorted other inventive devices), and,

I take the money and, cat chasing it's tail fashion, use the money you gave me to buy the Treasury Notes you have to sell to get the money to buy my crap? I wind up with a small interest income, and you end up with the management of some truly mysterious and impossible-to-value Instruments of Mass Destruction, as Warren Buffett characterizes them.
Of course, If I put my windfall bailout money into those bonds, the money still won't be available for lending to umm, borrowers. Which is sort of the stated purpose of the whole drill. It's also intended, of course, to Restore Confidence in the market. Confidence, you know, the stock-in-trade of the Con Man. I must admit, I've never really understood the purpose of confidence among the Wizards of Finance; those who lay claim to a deep and abiding understanding of the Basic Principles of the Marketplace. Confidence seems more like believing in the accuracy of my SWAG - you know, my Scientific Wild-Assed-Guess.
So... No Idea if this will/would/could happen. But the Stock Market - which, as we know, is Always Right - seems unimpressed, at least in the early going. Actually, a market isn't mentate (real word?); it's the financial wizards who price things for the market that seem to not want to bid things up. Perhaps under the guidance of their SWAG.