On first read it’s not great news that a troubled-assets buyer has decided that the District is definitely the place to hang his hat. Omg what is so troubled about our assets? But it turns out that the Dallas-based Lone Star Funds is setting up a beachhead in Washington in order to partake in the finest of Washington traditions: to use money and influence to craft federal policy. Specifically, Lone Star Funds will join the ranks of the Carlysle Group, the Blackstone Group, the Hanso Foundation, and others who trade in corporate debt instruments, real estate assets and financial institutions. In Washington, Lone Star Funds seeks to advise the FDIC on policy outlining how firms will take over failed banks, which is something that I thought Tim Geithner did four months ago. In any case, the new Lone Star Funds operation promises to create new jobs in DC. (For assholes from Manhattan.)