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This is a fun party game.
Download the Fed's TALF-borrower Excel file, and look to see if you got billions in very cheap non-recourse loans! #FedHistory
https://www.federalreserve.gov/regreform/reform-talf.htm
Download the Fed's TALF-borrower Excel file, and look to see if you got billions in very cheap non-recourse loans! #FedHistory
https://www.federalreserve.gov/regreform/reform-talf.htm
Spoiler alert: You are not in the club!
Matt Taibbi wrote about these loans a while back. https://www.rollingstone.com/politics/politics-news/the-real-housewives-of-wall-street-246430/
Matt Taibbi wrote about these loans a while back. https://www.rollingstone.com/politics/politics-news/the-real-housewives-of-wall-street-246430/
Oh, this is not surprising.
"...the Federal Reserve handed them both [the $MS chairman's wife & her pal] low-interest loans of nearly a quarter of a billion dollars through a complicated bailout program that virtually guaranteed them millions in risk-free income."
![Oh, this is not surprising. "...the Federal Reserve handed them both [the $MS chairman's wife & her pal] low-interest loans of nearly a quarter of a billion dollars through a complicated bailout program that virtually guaranteed them millions in risk-free income."](https://pbs.twimg.com/media/EL7r2DhWsAAbqGj.png "Oh, this is not surprising. \"...the Federal Reserve handed them both [the $MS chairman's wife & her pal] low-interest loans of nearly a quarter of a billion dollars through a complicated bailout program that virtually guaranteed them millions in risk-free income.\"")
"...the Federal Reserve handed them both [the $MS chairman's wife & her pal] low-interest loans of nearly a quarter of a billion dollars through a complicated bailout program that virtually guaranteed them millions in risk-free income."
"So how did the government come to address a financial crisis caused by the collapse of a residential-mortgage bubble by giving the wives of a couple of Morgan Stanley bigwigs free money...?"
And the Fed's largesse to the .01% continues, over 10 years later.
And the Fed's largesse to the .01% continues, over 10 years later.
"The history of the bailout era reads like one of those awful stories about what happens when a long-dormant criminal compulsion goes unchecked...."
I love Taibbi's writings on the kleptocracy.
https://www.rollingstone.com/politics/politics-news/the-real-housewives-of-wall-street-246430/
I love Taibbi's writings on the kleptocracy.
https://www.rollingstone.com/politics/politics-news/the-real-housewives-of-wall-street-246430/
"Once the money started flowing from the Federal Reserve, the executives began moaning to their buddies at the Fed, claiming that they were suddenly afraid of investing in anything — student loans, car notes, you name it — unless their profits were guaranteed by the state."
"Oh no, the bailouts weren't a bailout. They paid us back, and the public made money on these deals." - various policy tools
https://www.rollingstone.com/politics/politics-news/the-real-housewives-of-wall-street-246430/
https://www.rollingstone.com/politics/politics-news/the-real-housewives-of-wall-street-246430/
Remember too, that $MS & $GS were not bank holding companies until they were going bankrupt.
"While Christy Mack was busy getting her little TALF loans for $220 million, her husband’s bank hauled in $2 trillion in emergency Fed loans...Goldman borrowed nearly $800 billion"
"While Christy Mack was busy getting her little TALF loans for $220 million, her husband’s bank hauled in $2 trillion in emergency Fed loans...Goldman borrowed nearly $800 billion"
"...why did the Fed extend $35 billion in loans to the Arab Banking Corporation of Bahrain at interest rates as low as one quarter of one point?" @federalreserve https://www.rollingstone.com/politics/politics-news/the-real-housewives-of-wall-street-246430/
"How do we explain the $2.2 billion in loans that went to the Korea Development Bank, the biggest state bank of South Korea, whose sole purpose is to promote development in South Korea?...Qaddafi received more than 70 loans from the Federal Reserve"
Funny story... https://www.reuters.com/article/us-pimco-bernanke-exclusive/pimco-hires-bernanke-as-senior-adviser-idUSKBN0NK1QG20150429
Meanwhile...
WTF is right.
This guy gifted billions to hedge funds and other elites as the (supposed) #1 bank regulator, and then gets rewarded by them.
One tabloid rag even put him on the cover with the caption "Hero."
https://www.nytimes.com/2015/04/16/business/ben-bernanke-will-work-with-citadel-a-hedge-fund-as-an-adviser.html
This guy gifted billions to hedge funds and other elites as the (supposed) #1 bank regulator, and then gets rewarded by them.
One tabloid rag even put him on the cover with the caption "Hero."
https://www.nytimes.com/2015/04/16/business/ben-bernanke-will-work-with-citadel-a-hedge-fund-as-an-adviser.html
The only reason we even know about these Fed loans is because Bloomberg sued our "transparent" Fed... (I tried to include an http://archive.org link here but all I got was this...) https://www.bloomberg.com/news/articles/2011-12-23/fed-s-once-secret-data-compiled-by-bloomberg-released-to-public
