Wall street now wants the Fed to take bonds based on bad student debt.

Now let's see, wasn't there a major controversy on private banks preying on students with loans earlier?

ok, so they charge outrageous fees and interest rates on students, who because of skyrocketing costs cannot afford higher education, then the sell these loans via bonds and now that this market is crashing, again due to predatory loan practices, they want the Fed to bail them out.

Ponzi scheme 101!