Question re: bailout and toxic assets

Does anyone have knowledge or a link to an estimate of the toxic assets out there. Even a Sophisticated Wild Assed Guess based on a percentage of total CDOs?

It occurs to me that the FED is encouraging "cooking the books" of banks and other holders of toxic assets by buying a small proportion of these toxic assets at inflated prices (hold-to-maturity prices, lol)so the holders of the rest of these toxic assets can mark-to-market the value they are holding at the inflated price the FED insists on paying (sorry for the long sentence). Thereby, creating phantom asset values that will have their day of reckoning eventually and the $700 billion we are on the hook for will just disappear.

HOW CAN OUR GOVERNMENT (FED NOT INCLUDED although it is their idea) CONSPIRE TO "COOK THE BOOKS" WITH OUR MONEY?