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New York Fed Discloses CDO Holdings Of Maiden Lane Portfolios

Tyler Durden's picture





 

In a surprising move, the FRBNY has just released the holdings of Maiden Lane I, II and III. Here is what the Fed is saying about this development:

The Federal Reserve Bank of New York today announced that it has
expanded the information that it makes available to the public related
to the Maiden Lane portfolios. The new information includes nearly all
of the holdings of Maiden Lane LLC (ML)—with the exception of
residential whole loans as that would violate individual borrowers’
privacy—and all of the holdings of Maiden Lane II LLC (MLII) and Maiden
Lane III LLC (ML III).

The additional information includes the CUSIP number, descriptor,
and the current principal balance or notional amount outstanding for
all of the positions in each of three Maiden Lane portfolios. The Federal Reserve recognizes the importance of transparency to its
financial stability efforts and will continue to review disclosure
practices with the goal of making additional information publicly
available when possible. The release of this information today comes
after reaching agreement on issues of confidentiality with JPMorgan
Chase with respect to the assets of ML and the American International
Group, Inc. (AIG) with respect to ML II and ML III.

As a reminder:

ML was formed to facilitate the merger of The Bear Stearns
Companies, Inc. and JPMorgan Chase. The New York Fed extended credit to
ML to acquire certain assets of Bear Stearns.ML II and ML III were formed to facilitate the restructuring of the
government’s financial support to AIG. The New York Fed extended credit
to ML II to purchase residential mortgage-backed securities from the
securities lending portfolio of several regulated U.S. insurance
subsidiaries of AIG. The New York Fed extended credit to ML III to
purchase multi-sector collateralized debt obligations from certain
counterparties of AIG Financial Products Corp.

Some preliminary observations:

  • ML 1, in addition to holding a boatload of CDOs, has quite a few Residential whole loans, a variety of single names CDS, of which the bulk is CMBX, AMBAC, MBIA, PMI, CDS on Commercial Real Estate, CDS on Munis, CDS on non-agency RMBS, CDS on Non-residential ABS, some treasuries, and just under $3 billion in Interest Rate Swaps.
  • ML 2, as noted, contains $35 billion of Non-Agency MBS. It also contains $280 million in cash, held with a Goldman Sachs account. (GOLDMAN SACHS FIN SQ GOVT FS)
  • ML 3 consists of a variety of CDOs whose notional value is given as $56 billion. Once again, the Fed parks its cash of $383 million in this account with Goldman Sachs.

We will dig through these in detail shortly.

Full listing of assets:

ML 1

ML 2

ML 3

 


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Wed, 03/31/2010 - 17:15 | Link to Comment john_connor
john_connor's picture

This is just a political stunt so they don't have to comply with a full audit.

Wed, 03/31/2010 - 17:33 | Link to Comment monmick
monmick's picture

"The Federal Reserve recognizes the importance of transparency to its financial stability efforts and will continue to review disclosure practices with the goal of making additional information publicly available when possible."

Wed, 03/31/2010 - 18:19 | Link to Comment carbonmutant
carbonmutant's picture

I wonder how much Ron Paul had to do with that recognition...

Wed, 03/31/2010 - 18:27 | Link to Comment TheGoodDoctor
TheGoodDoctor's picture

I agree it is to appease Ron Paul. So, are these just holding companies then? LLC. No shit.

Wed, 03/31/2010 - 17:24 | Link to Comment wgpitts
wgpitts's picture

I knew the Fed was directly buying individual stocks to prop the market up. This was undisclosed to investors and is a violation of Securities law. This is a felony. All those like myself who purchased Puts or short positions when this information and the information that the Bank of England was also secretly funneling... money to prop up the banks was defrauded. Also, all those within the banks that were privy to this info are guilty of insider trading. Ben Bernanke, Paulson and Geithner and the rest of the tribe should all be in jail by morning….

Bank of England tells of secret £62bn loan to save RBS and HBOS
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6646923/Bank-of-England-tells-of-secret-62bn-loan-to-save-RBS-and-HBOS.html

Bank of England advisers not told about secret £62bn loan to HBOS
http://www.guardian.co.uk/business/2009/dec/03/bank-england-secret-loan-hbos

Bank gave RBS and HBOS 'secret' £62bn loan
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6929451.ece

Fed Refuses to Disclose Recipients of $2 Trillion
http://www.bloomberg.com/apps/news?pid=20601109&sid=apx7XNLnZZlc

Fed Fights Request To Disclose Who Got $2 Trillion In Bailouts
http://www.istockanalyst.com/article/viewarticle/articleid/3775032

 

Wed, 03/31/2010 - 17:59 | Link to Comment zenon
zenon's picture

Good luck with that! (BTW I'll join in if you get something going)

Wed, 03/31/2010 - 18:53 | Link to Comment percolator
percolator's picture

I second what zenon said.

Wed, 03/31/2010 - 20:44 | Link to Comment deadparrot
deadparrot's picture

There are lots of lawyers looking for work right now. Find one willing to start a class action lawsuit.

Wed, 03/31/2010 - 22:31 | Link to Comment velobabe
velobabe's picture

class action lawsuits are curious beasts.

hey, O/T i am worried about deadhead. haven't seen him since that open sunday forum about where the hell everybody is in this here, today's economy. he exposed himself and haven't seen him since. he cares a lot about the old timer's on this blog.

 

also where is, I need more cowbell.

these are significant and important avatars, star atars, hotars, bitars.

Wed, 03/31/2010 - 17:20 | Link to Comment Ludic Fallacy
Ludic Fallacy's picture

Agreed.  Throw the wolves some meat so they don't go after the herd.

Wed, 03/31/2010 - 18:55 | Link to Comment Rainman
Rainman's picture

Interesting timing. On the last day of the quarter and the last day of Fed MBS purchases ( for now ). No conclusion, just suspicion about why they are tipping over these trash cans today.

Wed, 03/31/2010 - 20:17 | Link to Comment Harbourcity
Harbourcity's picture

On your point, begs the question as to how long can they can use this event to delay providing either new information or an update.

 

Wed, 03/31/2010 - 21:07 | Link to Comment bc0203
bc0203's picture

Keep your eye on the other hand. The magician is up to something...

Wed, 03/31/2010 - 21:59 | Link to Comment Fritz
Fritz's picture

Agreed.

The other hand is picking the taxpayers pocket in some insidious fashion. 

Wed, 03/31/2010 - 17:22 | Link to Comment wgpitts
wgpitts's picture
Traitors who stole $24 Trillion from the American citizens and sponsored spies who infiltrated the Pentagon and sold Secrets to all of the US nuclear weapons to China http://www.facebook.com/album.php?aid=54655&id=1054329942&ref=mf
Wed, 03/31/2010 - 17:31 | Link to Comment InstantWinner
InstantWinner's picture

Explains the recent articles questioning why Goldman has so much cash under management.

Wed, 03/31/2010 - 17:31 | Link to Comment SayTabserb
SayTabserb's picture

Wow, the Fed is even owed money by Hilton Hawaiian Village.  What would Cricket Blake have to say about that?

Wed, 03/31/2010 - 17:33 | Link to Comment knukles
knukles's picture

Book 'em, Dan-O.

Wed, 03/31/2010 - 17:31 | Link to Comment monmick
monmick's picture

I wonder how they price the swaps, in paticular the CDSs and the interest rate swaps?

Wed, 03/31/2010 - 17:35 | Link to Comment SayTabserb
SayTabserb's picture

A dart board in the Yale Club.

Wed, 03/31/2010 - 18:34 | Link to Comment MarketTruth
MarketTruth's picture

Same way they did in South Park. Watch the episode Margaritaville.

http://www.southparkstuff.com/season_13/episode_1303/epi1303watchonline/

Wed, 03/31/2010 - 18:43 | Link to Comment Argos
Argos's picture

Best episode ever. Well worth the watch

Wed, 03/31/2010 - 21:13 | Link to Comment perchprism
perchprism's picture

Naw, Scott Tenoman Must Die was the best episode.

Wed, 03/31/2010 - 20:14 | Link to Comment Cursive
Cursive's picture

The Maiden Lane vehicles were unconstitutional in the first place, but my first reaction to reading this was,  "Why would a central bank that sets interest rate policy ever enter into or purchase interest rate swaps?"  Seems kinda like Superman runnin' a book on black market kryptonite.

Wed, 03/31/2010 - 22:42 | Link to Comment glenlloyd
glenlloyd's picture

I believe they justfified this under the heading of unusual and exigent circumstances, but I could be wrong.

Wed, 03/31/2010 - 17:34 | Link to Comment SayTabserb
SayTabserb's picture

Under what legal authority is the Fed allowed to acquire non-agency MBS? The 1913 Act might be stretched to cover GSE-backed mortgages on the theory they have (especially since Dec. 24, 2009) the full faith and credit of the Treasury behind them.  But how can they own ordinary mortgages Constitutionally?

Wed, 03/31/2010 - 17:36 | Link to Comment monmick
monmick's picture

"As part of extending support to specific institutions, under section 13 (3) of the Federal Reserve Act, the Board of Governors of the Federal Reserve System in 2008 authorized the New York Fed to facilitate lending to three limited liability companies—ML, ML II and ML III."

Wed, 03/31/2010 - 17:46 | Link to Comment faustian bargain
faustian bargain's picture

A frustrating wall of fictional words.

Wed, 03/31/2010 - 18:26 | Link to Comment SayTabserb
SayTabserb's picture

From the Fed's webpage:What securities are eligible for purchase under the program?

Only fixed-rate agency MBS securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae are eligible assets for the program. The program includes, but is not limited to, 30-year, 20-year and 15-year securities of these issuers. The program does not include CMOs, REMICs, Trust IOs/Trust POs and other mortgage derivatives or cash equivalents. Eligible assets may be purchased or sold in specified pools, in "to be announced" (TBA) transactions, and in the dollar roll market."

Maybe the Board of Governors decided unilaterally to go outside the Fed's 1913 Charter, but the question remains: is the legal authority there for holding non-Agency MBS?

Wed, 03/31/2010 - 20:48 | Link to Comment monmick
monmick's picture

What "program" are they referring to?

Section 13 (3) of the Federal Reserve Act, at least the way the Fed interprets it, is pretty broad and open ended. Sort of like the Martial Law of central banking....

Wed, 03/31/2010 - 17:42 | Link to Comment InstantWinner
InstantWinner's picture

Zero Hedge knew those maiden thingies were stuffed full of shit and boy where they right!  Congrats!

Wed, 03/31/2010 - 17:46 | Link to Comment RobotTrader
RobotTrader's picture

If the Fed were to take Maiden Lane public, no doubt, it would be 300% oversubcribed and could be the hottest IPO of 2010.

Right now, there is an unprecedented demand for junk, garbage, and/or anything else perceived to be at "rock bottom"...

Too late to buy the bombed out retail stocks, they have already had 300% - 500% runs.

So the speculators will be looking into other garbage bins for bargains.

Wed, 03/31/2010 - 18:11 | Link to Comment buzzsaw99
buzzsaw99's picture

leveraged speculators perhaps?

Wed, 03/31/2010 - 18:55 | Link to Comment percolator
percolator's picture

great idea robo!

Wed, 03/31/2010 - 17:49 | Link to Comment faustian bargain
faustian bargain's picture

I wonder what they had on the books before they were released today? i.e. this is the positive spin; what is the reality? Somebody's arm must be tired from all the erasing.

Wed, 03/31/2010 - 17:49 | Link to Comment non-anon
non-anon's picture

shades of Enron

By law, the Fed isn't allowed to buy assets -- it can only lend, as lender of last resort. That was a problem for the Bear Stearns bailout, because JP Morgan said it would only buy Bear if someone else assumed responsibility for the crap. Fed came up with this idea to start a shadow company, called a special purpose vehicle (SPVs were how Enron operated, creating "Chewco" and the like named after Chewbacca - the New York Fed called their SPV "Maiden Lane LLC" for name of the street the NY Fed is located on in southern Manhattan). The deal then was JP Morgan put $1 billion into Maiden Lane, the Fed put $29 billion in cash into it. Maiden Lane paid Bear Stearns $30 billion, which went straight back to JP Morgan as this deal happened simultaneously to JP's purchase of Bear. So Morgan got $30 billion in cash ($29 billion net) and the Fed got stuck owning the crap, but was legally only making a loan to Maiden Lane, who was the legal owner (Maiden Lane was incorporated not in NYC, but in Delaware to avoid paying taxes). By the Fed's own accounting - which is very different from a real company's accounting - Maiden Lane has lost $5 billion between its creation and today.

http://www.talkingpointsmemo.com/archives/2009/03/lowdown_on_aig.php

Wed, 03/31/2010 - 18:00 | Link to Comment faustian bargain
faustian bargain's picture

But who owns Maiden Lane LLC? I don't see how the Fed could say they're not buying assets, even if it's through a subsidiary company. It's insane.

Wed, 03/31/2010 - 18:29 | Link to Comment SayTabserb
SayTabserb's picture

Eggszackly.  

Wed, 03/31/2010 - 23:57 | Link to Comment Willzyx
Willzyx's picture

Or like how repo 105's are really "sales"

Wed, 03/31/2010 - 19:12 | Link to Comment Rainman
Rainman's picture

Emergency powers can be quite creative, yah ??

Wed, 03/31/2010 - 20:19 | Link to Comment Matto
Matto's picture

WOW!

Wed, 03/31/2010 - 18:03 | Link to Comment GubmitWKR
GubmitWKR's picture

Im dissapointed that the fed didn't use more appropriate discriptors like EATSHT_07, URFKD_06, RIPOF_06

Wed, 03/31/2010 - 20:50 | Link to Comment monmick
monmick's picture

TOKSIC_VOMT_001

Wed, 03/31/2010 - 18:09 | Link to Comment Stanley Lord
Stanley Lord's picture

Hey ZH Thank you for letting me in the club.

I will be quiet now.

Wed, 03/31/2010 - 18:12 | Link to Comment buzzsaw99
buzzsaw99's picture

It's official, the usa is a criminal org.

Wed, 03/31/2010 - 18:29 | Link to Comment Catullus
Catullus's picture

Wait wait wait.  Do you hear that?  Turns out the world is not collapsing into a neverending pit of dispair and civil unrest.  So let us just audit the rest of the fed.  It's not going to change what's already been done.  An audit never does.  If it makes you feel any better, we'll wait 6 months before telling everyone what you've done.

Wed, 03/31/2010 - 18:33 | Link to Comment AnonymousMonetarist
AnonymousMonetarist's picture

Pay the man Shirley.

Wed, 03/31/2010 - 18:32 | Link to Comment vote_libertaria...
vote_libertarian_party's picture

Nice of them to leave off the key info.  Like these assets are worth 50% of a non-performing loan.

Wed, 03/31/2010 - 18:33 | Link to Comment hooligan2009
hooligan2009's picture

ok..so the Irish Government took out its problem banks mortgage portfolios at 53 cents in the Euro today..so on this basis the $156bn in ML is worth around 80 bn..hmmm..i guess if you are the Fed with rigged accounting its not a loss of 76 billion at all..GS market cap is 90 billion...just saying..whats the rate on an overnight tri-partite collateralised repo actually worth if the mark to market is like this?

Wed, 03/31/2010 - 18:34 | Link to Comment hooligan2009
hooligan2009's picture

GMTA vote libertarian...wait..who are you? :)

 

Wed, 03/31/2010 - 18:39 | Link to Comment MarketTruth
MarketTruth's picture

.

Wed, 03/31/2010 - 18:37 | Link to Comment dark pools of soros
dark pools of soros's picture

they just wanted to frontrun ZH for once.. they are crossing it off their bucket list now

Wed, 03/31/2010 - 18:40 | Link to Comment MarketTruth
MarketTruth's picture

Hmmm, dollars as back by these loads of... or physical gold.

Gold for the win!

Actually maybe this is a Fed move in trying ANYTHING they can to devalue the dollar?

Wed, 03/31/2010 - 18:44 | Link to Comment GMetesky
GMetesky's picture

Gentlemen (yes, yes, ladies too), start your engines!

From my remote corner of the Southern Cone, fretting over the capital transfer provision in the "pack-it-all-in 'health' care bill, busily building greenhouses that grow edibles rather than paper wads, I urge y'all to get goin' while the goin's good.

Bailed out of Wall Street physically and monetarily in 1998, haven't looked back, and recommend y'all read Fukuoka's The Natural Way of Farming for valuable philosophical, logical and practical insights. Every time I go to the bank down here, it's become more complicated and more expensive to transfer money.

Good night, Mrs. Calabash, wherever you are, and I hope you ain't planning to make a stand in the good ol' USA, because it may become highly problematic in less time than any of us would like to believe.

 

 

Wed, 03/31/2010 - 18:51 | Link to Comment dot_bust
dot_bust's picture

It seems to me that this is a reaction to the revelation that the Comex and LBMA are selling paper contracts for 100 times the metals that they actually possess and that
JPMorgan Chase has been shorting more silver than actually exists.

Wed, 03/31/2010 - 18:52 | Link to Comment ReallySparky
ReallySparky's picture

Very interesting turn of events.  Funny how everyone here is questioning the reason, motive, and truthfullness of the disclosure.  Will we ever get a "transparent" answer? Tick, Tock, Tick Tock....

Wed, 03/31/2010 - 19:05 | Link to Comment BoyChristmas
BoyChristmas's picture

I remember a friend was trying to convince me Bear went under because of short sellers, not because of their toxic balance sheet. I am sending him the list of just the mezz loans and see if he will reconsider his argument.

Wed, 03/31/2010 - 19:15 | Link to Comment asteroids
asteroids's picture

Now we know where GS got the cash to play with the market. Why use your own cash when you can borrow the FEDs.

Wed, 03/31/2010 - 19:25 | Link to Comment Hero Protagonist
Hero Protagonist's picture

Each entry has a story on the internet.  I just googled the first couple of CUSIPs with interesting results...

From S&P on 00083MAA9

  ACA ABS 2007-3 Ltd Cash Flow Mezzanine SF 04-Sep-07 00083MAA9 X $7,000,000 AAA BBB/Watch Neg BBB

This one appears to already be part of a fire sale - 00936BAA2 

http://www.bloomberg.com/apps/news?pid=20670001&sid=aaCXmExxNWmA


Wed, 03/31/2010 - 21:24 | Link to Comment Miyagi_san
Miyagi_san's picture

"some or all of the collateral may be subject to transfer restrictions", sounds like a fire sale

Wed, 03/31/2010 - 19:29 | Link to Comment exportbank
exportbank's picture

We all knew it was stuffed with junk before they gave the information. We know the banks, pensions and insurance companies are broke if the marked-to-market but what difference will it make at the opening bell?

Wed, 03/31/2010 - 19:54 | Link to Comment non-anon
non-anon's picture

I know, I know MSNBC, look, lady in a red dress!

http://www.youtube.com/watch?v=E7gGtSgd4Pw

Ratigan Breaking It Down Segment With Eliot Spitzer

http://www.youtube.com/watch?v=gAtSmR7Z-Kg

Eliot Spitzer Takes On The Fed - MSNBC w/ Dylan Ratigan (7/24/09)
Wed, 03/31/2010 - 19:51 | Link to Comment blurden
blurden's picture

It seems to me that this is a reaction to the revelation that the Comex and LBMA are selling paper contracts for 100 times the metals that they actually possess and that
JPMorgan Chase has been shorting more silver than actually exists.

I agree with dot_bust

this 100:1 michael bay-size metal manipulation explosion-of-a story about JPMorgan (which is currently still blacked out by major media) is completely tied to this.

Wed, 03/31/2010 - 20:33 | Link to Comment Augustus
Augustus's picture

The Fed wanted someone to takeover Bear.  It is not much different from an FDIC deal on a commercial bank.  FDIC ends up with the junk loans.  The Fed has no way to deal with the collateral.  It goes into some vehicle - Maiden Lane.  So what if JPM had been funding it?  They were only doing it because the FED had more or less ordered them to lend to Bear.  When the deal is over the FED found out what they had got themselves into.  JPM did not do it, Bear did it, deep in the woods.

If these bank takeovers seem such a good deal, take your cash and balancesheet down to the FDIC.  They have a few deals a week for you to get rich with.

Wed, 03/31/2010 - 21:13 | Link to Comment SteveNYC
SteveNYC's picture

Interesting take on "American racist, anti-government militias" as reported in the Sydney Morning Herald. I wonder how much is fact and how much is fiction?

 

http://www.smh.com.au/world/extremists-spurred-by-black-president-201003...

Wed, 03/31/2010 - 22:09 | Link to Comment JimS
JimS's picture

Here's the way I see it. Congress is going to pass some type of emergency legislation which requires all cash (sitting in IRA and 401k accounts), to be used by the FED, for placement of portions of these CDOs (and the like) into said accounts. This will sop up loose cash and the accounts will have a "guaranteed" annual rate of return for "life" (of course if held to maturity). This will be the annuity that has been tossed around by all the pundits, wondering what the Government has up its sleeve. The FED/Treasury will guarantee the return of principal to all the accounts affected. Of course everything will be "marked-to-fantasy/par". The beauty of this scheme is that it solves most of the FED's problems, as it dumps all the crap that they've been buying up this last year into retirement accounts that just don't have any good options for all that side-lined cash. Not legal? Heck, what has the Treasury and FED done for the last year that has been legal?

Wed, 03/31/2010 - 22:49 | Link to Comment glenlloyd
glenlloyd's picture

They'll have to rip my 401k from my cold dead hands.

We all knew the ML was loaded with worthless trash, this "transparency" move is nothing more than a distraction. While people are scrutinizing the contents something else is going down elsewhere.

Someone somewhere is airing some very nasty dirty laundry...haven't seen it, but they don't come forward with anything without an underlying motive.

wait and watch...it'll come

Thu, 04/01/2010 - 00:01 | Link to Comment tip e. canoe
tip e. canoe's picture

it would be quite interesting to know who the counterparties are on all the CDSs in Maidenstein I.

a wafer thin mint, Mr. Morgan?

Thu, 04/01/2010 - 16:01 | Link to Comment tip e. canoe
tip e. canoe's picture

and look at these beauties from Bride of Maidenstein:

http://www.bloomberg.com/apps/news?pid=20601009&sid=ap2UVP6KVDGs

Thu, 04/01/2010 - 00:28 | Link to Comment defender
defender's picture

My question is - Why is there cash in these accounts?  What was just sold, and under what terms, to end up with cash.  As these were vehicles to suck the toxic waste from bankrupt companies, there is zero chance that the purchase involved cash. 

The second question is - Does the Fed have the legal authority to sell assets of the government of the United States of America without the explicit approval of congress? 

Thu, 04/01/2010 - 01:08 | Link to Comment doolittlegeorge
doolittlegeorge's picture

"it's one, two three what are we fightin' for

what's up  i don't give a damn

next stop is Vietnam.

well it's five six seven open up the pearly gates

no time to wonder why

Yippee! we're all gonna die."

Thu, 04/01/2010 - 09:02 | Link to Comment jeff montanye
jeff montanye's picture

"be the first one on your block to have your boy come home in a box."

Thu, 04/01/2010 - 01:11 | Link to Comment Crab Cake
Crab Cake's picture

Mistake. 

Give an inch, take a mile. 

Say Benny Boy?

What's that in the other hand?  Hmmm?

Thu, 04/01/2010 - 01:22 | Link to Comment Wilderman
Wilderman's picture

Federal Bank Reserves should be seized by the people, by an Act of Congress, and sold at auction to repay the national debt.

 

Please, will a constitutional scholar tell me why this is not legal?  It certainly seems moral enough.  These assets were created by pure dilution of our currency, and thence are the property of none but those who hold that currency. 

Thu, 04/01/2010 - 01:30 | Link to Comment snakeboat
snakeboat's picture

We do understand that the Fed is part and parcel of the Big Banks, do we not?  There is no us and them within that construct...

Thu, 04/01/2010 - 01:47 | Link to Comment Wilderman
Wilderman's picture

That which Congress created, it can also disband. 

2010 campaign platform:  Free Haircuts for All!

Thu, 04/01/2010 - 03:56 | Link to Comment chindit13
chindit13's picture

These vehicles are a repository (suppository for the taxpayer) of warehoused valuables like Betamax's, 8-track tape decks, Pet Rocks, Pacers, Pintos and Vegas, and those truckloads of Salvador Dali prints that are on sale every Saturday at your local Holiday Inn or Motel 6.

Hope we're not counting any of this dross in our "National Wealth".  Chernobyl and Love Canal were less toxic.

Thu, 04/01/2010 - 08:55 | Link to Comment mister_x
mister_x's picture

The majority of it maybe junk. Waiting for your analysis...

http://ftalphaville.ft.com/blog/2010/04/01/194391/in-the-fed-we-trups/

Thu, 04/01/2010 - 09:07 | Link to Comment jeff montanye
jeff montanye's picture

audit the fed.  and timothy's tax returns.

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mark456's picture

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