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Fed Distributes Two Maiden Lane II Bid Lists

Tyler Durden's picture





 

As a reminder, on April 6 the Fed completed the auction of $1.3 billion in face value Maiden Lane II (AIG) assets. When we reported on this we commented: "Since there is another $38 billion in ML2 assets left, look for many
more such Bid Lists over the next several months until the market
crashes and yield chasing finally ends." Sure enough...

Another $1.2 billion is being auctioned off for the next 2-3 days.

Look for AIG to end up being the majority winner of most of these auctions when bidder details are announced in 3 months- after all the Company was recently accused of delaying paying insurance claims in Japan. How else can the company run its business model if not for free yield chasing courtesy of the alleged last days of QE2.

 


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Mon, 04/11/2011 - 13:18 | Link to Comment Alcoholic Nativ...
Alcoholic Native American's picture

Save us anonymous billionaires! You are the only ones that can help! Do some more of God's work!

Mon, 04/11/2011 - 13:25 | Link to Comment SheepDog-One
SheepDog-One's picture

Where can I get my bid list copy?

Mon, 04/11/2011 - 13:33 | Link to Comment ThirdCoastSurfer
ThirdCoastSurfer's picture

As with POMO, look for the 8 Cusp's to be accepted and the 42 to be rejected. With just a hundred-fity'ish million in value between them, the former is probably packed with high end prime and the latter is all stick and mud huts. 

Mon, 04/11/2011 - 13:34 | Link to Comment kito
kito's picture

tyler, can you please help us make sense of this? 

 

 http://blogs.wsj.com/economics/2011/04/11/odds-of-fed-losing-money-on-balance-sheet-are-low/

 

Mon, 04/11/2011 - 13:59 | Link to Comment Cake Please
Cake Please's picture

This article might help you.

http://mises.org/daily/4869

Mon, 04/11/2011 - 14:22 | Link to Comment Cake Please
Cake Please's picture

This article explains even further why the Fed can't go bankrupt.  They just create new methods to account for their investment loses; methods that preserve stockholder equity.
http://mises.org/daily/5057/Accenttchuate-the-Positive-The-New-Accounting-at-the-Fed

 

Mon, 04/11/2011 - 14:45 | Link to Comment kito
kito's picture

so the fed goes kaput when interest rates rise to 7 pct becuase they are holding in reserves the very money that was bought by the fed and then sent off to the banks, all the while paying interest on it to the banks? and if rates rise to 7 pct, the treasury, who has their own massive problem should rates rise to 7 pct, is to bail out the fed??? is this right? can this be possible? is this completely insane?

Mon, 04/11/2011 - 19:09 | Link to Comment Cake Please
Cake Please's picture

Yes, I think you've got it.  Insane if you are a taxpayer.  Just plain brilliant if you're a banker or a politician.

Mon, 04/11/2011 - 13:55 | Link to Comment Milton Waddams
Milton Waddams's picture

A  billion here, a billion there; next thing you know there is going to be nothing left over for the tool to signal the public about how they should feel about their economic prospects, the stock market.

Mon, 04/11/2011 - 16:48 | Link to Comment max2205
max2205's picture

Hey my mortgage is in there!!!!!!!!!!!!!

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