Remember when Tim Geithner got a pass on his tax problems because he was the only man in the country who could save the banking system?

Yesterday evening, members of Congress and their staffs actually snorted in derision and laughed at the man during his briefing.

The laughter was at its height when Obama officials explained that the White House planned to guarantee a wide swath of toxic assets -- which they referred to as "legacy assets" -- but wouldn't be asking Congress for money. Rep. Brad Sherman (D-CA), a bailout opponent in the fall, asked the officials to give Congress the total dollar figure for which they were on the hook. The officials said that they couldn't provide a number, a response met by chuckling that was bipartisan, but tilted toward the GOP side. By guaranteeing the assets, Geithner hopes he can persuade the private sector to purchase a portion of them.

Well that inspires a lot of confidence.