So what happens to Bill Miller?

Maybe but how many bonds is he holding? With the CDS dealers now saying that 1.4 trillion of FRE and FNM bonds are now deliverable due to the rescue a massive short squeeze may ensue.
 
Bernard Ebbers, the infamous ex-CEO of now defunct Worldcom, supposedly held 26.9 million shares, which he mostly purchased as the company was going under AND HE STILL MANAGED TO END UP BEHIND BARS!

When something fucks up as large as this subprime shebang, there will always be a scapegoat to blame.
 
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