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Observations In Progress On The Fed Data Dump (In Which We Learn That Merrill Pledged Up To 77% Of A Fed Loan With Equity Collateral)

Tyler Durden's picture


As we are going through the excel sheets from the Fed dump, we will share our key findings. Keep in mind this is very raw data and will need far more processing before conclusions can be derived.

  • One of the biggest stunners: Bank of America pledged as much as 77.2% of a loan from the PDCF with equity collateral! So much for the Fed taking fiduciary precaution with what crap it lends taxpayer money against. This is a topic we first (very disgusted) discussed first over a year ago.
  • Probably the most interesting data is the disclosure of the Fed purchases of MBS securities from the Primary Dealers as for the first time ever we get information on the actual transaction prices paid by Brian Sack. We will refine the data far more soon with transaction basis granularity, but for now here are the Primary Dealers from which the Fed purchased hundreds of billions of MBS from:
  • Goldman Sachs (GS) borrowed 84 times (50 for just the dometic operations) from Fed's dealer facility (PDCF) from Sept. 15 to Nov. 26, 2008 for amounts ranging from USD 100mln to USD 18bln
  • Bank of America borrowed 118 times from the PDCF from Sept 18 2008 to May 2009, in amount ranging from $375 million to $11 billion. A graphic visualization of BofA borrowings on PDCF below:
  • Looking at the TALF data, we see that the biggest borrower by subscription is Calpers, with a total of about $5.4 billion
  • More curiously, now disgraced and embroiled in an insider trading scandal hedge fund FrontPoint seems to have been a very active borrower on the TALF facility, having received $4.136 billion on subscription, the bulk of it going to a FrontPoint Michigan Strategic Partnership Investment entity, which has borrowed $2.6 billion
  • Foreign central bank borrowings
    • ECB - 271 borrowings for gross rolling total of just over $8 trillion.
    • SNB - 114 borrowings, for a gross rolling total of $465 billion

    • BOE - 81 borrowings for a gross rolling total of $918 billion

  • Borrowings by the Bank of America Complex (BofA, Countrywide Financial, which yes, was a Primary Dealer for a while, and Merrill Lynch). The combined entity see its borrowings peak on September 26, 2008 for a total of $40.2 billion
  • Selected non-financial domestic companies being bailed out by the Fed courtesy of borrowings on the Commercial Paper Funding Facility



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Wed, 12/01/2010 - 13:50 | 768588 Mae Kadoodie
Mae Kadoodie's picture

Bernank me!

Wed, 12/01/2010 - 14:59 | 768949 unwashedmass
unwashedmass's picture

Interestingly, the NYT's first look at the data names all those who got cash EXCEPT JPM and GS....

the godlike exemption rules. the peasantry must not know how much they have confiscated from us, i guess.

Wed, 12/01/2010 - 15:06 | 768989 Jim in MN
Jim in MN's picture

Speaking of those who have not having no need to know....WikiLeaks is gone according to AP.


Gone as longer on the Web.  Maybe a temp glitch?  Or something serious.


Wed, 12/01/2010 - 15:19 | 769079 unwashedmass
unwashedmass's picture had to go down before the BAC data showed up...

Wed, 12/01/2010 - 18:12 | 769860 Richard Weed
Richard Weed's picture

Hey... I am one of the few that thinks The Bernank has actually done a good job in providing liquidity against collateral at a time on meltdown.


To all ye who criticise, just remember that the alternative would have been disasterous (worldwide)... and it would have taken more than a decade to fully recover.

But what do I know... I am just a Dick Weed.

Wed, 12/01/2010 - 18:56 | 770034 Auric Goldfinger
Auric Goldfinger's picture

How is the latter not going to occur despite the former? 

Seems The Bernank is just a hell of a can-kicker. 

Wed, 12/01/2010 - 19:07 | 770069 CrashisOptimistic
CrashisOptimistic's picture

You do realize, I hope, that you're both right.

What too often goes on here on ZH is a failure to recognize that "default and reset" means deficits go to zero instantaneously.  That means all funding for disabled adults, all sorts of disabilities, funding for this, funding for that, all gets zeroed.  Instantly. There will be no lenders for any deficit.  In other words, instantly, no doubt, no question, your choice kills people.

The contrary choice, to extend and pretend, to kick the can down the road and make it maybe (no, I understand, probably, likely, almost certain) worse later, is a choice that everyone well intentioned will always make.  They will always play for a miracle.  They will always wait and delay and hope and wait for a miracle.  

No one well intentioned will EVER choose to kill people within a week when the certainly is less than 100% that more would die in a few years.


Wed, 12/01/2010 - 20:04 | 770233 nmewn
nmewn's picture

How does a lack of deficit funding kill someone?

Outwardly, your premise assumes the rest of us would step over people starving in the streets.

How did government get to be the first and best choice for charity work?

And is this a good thing given their malfeasance?

By the looks of it they won't be doing it much longer.

Wed, 12/01/2010 - 15:21 | 769080 NotApplicable
NotApplicable's picture

This is almost as dramatic as when one wrestler comes up behind another with a folding chair. The crowd screams out warning after warning with increasing tensity, but the second wrestler is unaware of not only the first wrestler, but of the crowd as well.

Then, the second wrestler makes his move, and the crowd is crushed, along with their hero, lying crumpled next to the ring.

Meanwhile, questions arise in the crowd. Is our hero dead? Can he get up? If he does, will he stage a miraculous comeback?

Stay tuned for tomorrow's episode...

Wed, 12/01/2010 - 15:55 | 769294 Problem Is
Problem Is's picture

The Soul Man Rocky Johnson, aka "Empty Suit" Holder, is on it...

BTW: Pat Patterson was a blonde albino lookin' MoFo like Assange...

Wed, 12/01/2010 - 16:03 | 769353 MachoMan
MachoMan's picture


Wed, 12/01/2010 - 17:34 | 769721 In Fed We Trust
In Fed We Trust's picture

8 trillon dollars to to foriegn banks.

Thats the killer.  Was wondering how the fed was funneling the wealth.


When America defaults own its debt, the FED is there holding receipts for all the foreclosed homes, and gov. buildings and airports. 

Hands them over to the foriegn banks who have a 8 trillion dollar demand on the FED.

And as seen on the Drudge today, the US to bail out Europe.


Wed, 12/01/2010 - 18:51 | 770021 MachoMan
MachoMan's picture

Errrr, if we loaned them money, wouldn't the FED have an 8 trillion dollar demand on the foreign banks?

And the funnel is simple, money goes from my pocket into a government sponsored entity that gives it via bonus and/or salary to an individual who then converts it from the ether into a real asset.  Once the bad bank, FED, dies, its mortgages and other assets (assets?) will be sold to the principal actors for pennies on the dollar given they will be the only ones with liquidity and/or credit availability. 

Wed, 12/01/2010 - 16:08 | 769375 Jim in MN
Jim in MN's picture

It didn't work out so hot in 'Million Dollar Baby'......

Wed, 12/01/2010 - 15:29 | 769132 Eally Ucked
Eally Ucked's picture

Why you don't just fuck off and find your data trove at FED. Are you a masochist?

Wed, 12/01/2010 - 15:56 | 769319 TeamAmerica
TeamAmerica's picture

Big ditto on that.   What's up with talking facts 'n shit?

Wed, 12/01/2010 - 17:28 | 769699 FISD
FISD's picture

Yank me...

Crank me...

but don't Berank me!

Wed, 12/01/2010 - 13:51 | 768590 Hansel
Hansel's picture

After reading through the spreadsheets, I've concluded the overarching theme is that the Fed prints money and manipulates markets everyday.

Wed, 12/01/2010 - 14:20 | 768737 B9K9
B9K9's picture

National. Security.

Our very existence is completely dependent on our military ability to "encourage" others to accept our virtual paper in exchange for very, very real things like oil, food, minerals, mfg goods, etc.

It's a tough quandary, because to this slave, it's pretty cool to have a nice house, cheap gas and fun, plentiful vacations. Freedom would entail physical exertion (walking, biking, farming), disturbed sleep (12 on 12 off security details), and not a little hunger.


Wed, 12/01/2010 - 14:28 | 768798 Worker Bee
Worker Bee's picture

I guess the only question is do we get there sooner rather than later? Peak oil is upon us and it seems to me that if they do pull off a recovery,then we inch closer to "walking,biking and farming" that much sooner. ,Maybe this malaise is a blessing in disguise?

Wed, 12/01/2010 - 15:12 | 769027 downrodeo
downrodeo's picture

That is the view I've tried to hold. I'm not trying play down the pain we'll have to endure. Life is probably going to get a lot more difficult for everybody. It seems to be what we need though. True freedom is something we have to work for, and work to maintain. We've gotten too lazy as a society.

Wed, 12/01/2010 - 17:13 | 769631 flacorps
flacorps's picture

People make too big a deal of peak oil. It's not like uranium and thorium and fusion and solar and coal and green slime and natural gas, etc. don't exist.


What happened after peak whales?

Wed, 12/01/2010 - 17:48 | 769776 Canaduh
Canaduh's picture

It's not so much the energy supply that oil represents that is worrisome. It is the thousands of chemicals, plastics and other products that we depend on to support our standard of living that can ONLY be made out of oil that is worrisome. Without oil based products, 99% of modern technologies would be impossible to manufacture.

Wed, 12/01/2010 - 18:50 | 770020 Jasper M
Jasper M's picture

Polymers never used more than 3% of total oil consumption. And if it ets scarce, eventually, it will get economical to recycle them. 

Slightly more worrisome is agricultural consumption. I once had an ag major describe modern farming as the art of using land to turn petrochemicals into food.

Wed, 12/01/2010 - 18:57 | 770044 Jasper M
Jasper M's picture

Polymers never used more than 3% of total oil consumption. And if it ets scarce, eventually, it will get economical to recycle them. 

Slightly more worrisome is agricultural consumption. I once had an ag major describe modern farming as the art of using land to turn petrochemicals into food.

Thu, 12/02/2010 - 15:56 | 772933 John_Coltrane
John_Coltrane's picture

The entire chemical industry can be based upon coal as demonstrated by Germany in WWII and South Africa today.  Coal is just one big macromolecule(polymer) which can be broken down catalytically to yield all the major industrial organics.  In olden days, the organic  by-products of carbon steel production were the major basis of the chemical industry especially dyes and aromatics.  It would make a lot of sense to return to this approach since no coal is "burned" in this process.

Wed, 12/01/2010 - 14:28 | 768803 Hansel
Hansel's picture

"it's pretty cool to have a nice house, cheap gas and fun, plentiful vacations"

I imagine it is pretty cool to have those things.

Wed, 12/01/2010 - 17:34 | 769712 B9K9
B9K9's picture

The banality of evil.

The only thing separating us from the German citizens forced to view the death camps is proximity.

They plead ignorance to something that was occurring within walking distances from their villages & homes.

In our case, our lifestyles are being supported by slaves located thousands of miles away in overseas factories.

Yet, with the 'Net and other media channels, who among us can deny that every facet of the lifestyles we currently enjoy are based on exploitation?

Culpability has nothing to do with income.

Wed, 12/01/2010 - 14:36 | 768849 Bartanist
Bartanist's picture

Yes, it is a quandry. I have mentioned this before, but I once read a book called "Hitler's Beneficiaries" which outlined how well the German people had it as Germany rolled through Europe collecting the wealth of other countries, instilling their own management and destroying their currencies.

The people really had very little clue that they were doing anything wrong because it was sold so well to them... by der Fuhrer.

I am personally considering taking a choice that many people cannot make, which is creating a simple and unemcumbered life for myself, and making a conscieous effort to enter the third stage of life.

Wed, 12/01/2010 - 16:55 | 769558 faustian bargain
faustian bargain's picture

Think of it this way. The longer we go on with our bubble economy, the further back--in historical equivalent terms--we'll have to turn the clock on our standard of living when the real crash happens. So we have the potential to leapfrog the pastoral scene you describe and jump right into another Dark Ages.

There's your "hmmm".

Wed, 12/01/2010 - 14:45 | 768893 wiskeyrunner
wiskeyrunner's picture

You are correct, but here is the real secret. They tell there friends before they do it. More or less theft made to look like monetary policy.

Wed, 12/01/2010 - 13:51 | 768593 redpill
redpill's picture

I wish someone would lend me a few billion for nothing so I could pretend to be smarter than everyone else like these assholes.

Wed, 12/01/2010 - 13:54 | 768608 Bartanist
Bartanist's picture

They are a product of the same conditioning system ... until they were selected to be geniuses.

Wed, 12/01/2010 - 13:58 | 768640 Robslob
Robslob's picture

Unfortunately "taking the red pill" has me down 24% shorting this turd of a market...on the flip side the government gets less of my IRA to confiscate on every pump...there, take that Fed!

Wed, 12/01/2010 - 14:23 | 768767 tmosley
tmosley's picture

You must have taken the magenta pill that makes you think the market is still functional.  An easy mistake to make, and I made it myself at back in spring of 09.

The red pill makes you realize that gold, silver, and commodities are the only things that are going to preserve/enhance your wealth in this environment.

Wed, 12/01/2010 - 14:26 | 768785 Robslob
Robslob's picture

Thank you for that tmosely...only have some silver coinage and about 20 rolls of 1941 - 1956 war dimes I kept as a child.

Clearly gold is my missing link...

Wed, 12/01/2010 - 15:04 | 768973 unwashedmass
unwashedmass's picture will take care of you.

Wed, 12/01/2010 - 14:27 | 768790 SheepDog-One
SheepDog-One's picture

True tmosley, its hard not to get swept up in the totaly nonsense stock market hype we're fed daily and keep on track realizing the markets are dead. Only thing that means anything at all is commodities, supplies you yourself own and how much of it.

Wed, 12/01/2010 - 14:40 | 768873 mule65
mule65's picture

Lets not forget the DJIA is capable of dropping 1,000 points in 15 minutes.

Wed, 12/01/2010 - 14:58 | 768944 NotApplicable
NotApplicable's picture

Don't you mean milliseconds?

Wed, 12/01/2010 - 15:06 | 768991 unwashedmass
unwashedmass's picture


i wouldn't be surprised to see a flash crash today. there's a stock i trade regularly -- DDR -- and they have been taking it up on 100 shares bids.....

no joke. there's nothing underneath the thing now

Wed, 12/01/2010 - 16:17 | 769414 Jason T
Jason T's picture

it's the shit like that that baffles me as to wtf is going on in todays markets.

Wed, 12/01/2010 - 14:44 | 768888 Red Neck Repugnicant
Red Neck Repugnicant's picture

When you choose to live in a dirt hole, it's difficult to see anything other than worms and mud.

Wed, 12/01/2010 - 14:48 | 768912 wiskeyrunner
wiskeyrunner's picture

What about gold, there is gold, silver and diamonds in dirt.

Wed, 12/01/2010 - 15:08 | 768999 Thanatos
Thanatos's picture

There's OIL in that dirt hole...

Wed, 12/01/2010 - 15:38 | 769216 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

So is the the "Red Neck's" head.

Wed, 12/01/2010 - 16:13 | 769393 hedgeless_horseman
hedgeless_horseman's picture

When you choose to live in a dirt hole, it's difficult to see anything other than worms and mud.

Is that anyway to talk about your wife?  Sure, she needs a shower, but I don't recall seeing any worms.

Wed, 12/01/2010 - 17:39 | 769750 homersimpson
homersimpson's picture

Spoken like Obama's finest voters. Obviously he recruits the dumb ones... Otherwise how'd so many fall for the "Hope/Change" crap?

Wed, 12/01/2010 - 13:53 | 768602 Seasmoke
Seasmoke's picture

i cant find any Goldman Sachs "bank" branches ????

Wed, 12/01/2010 - 14:06 | 768685 redpill
redpill's picture

Not a lot of ATMs either

Wed, 12/01/2010 - 14:18 | 768739 Turd Ferguson
Turd Ferguson's picture

The "tellers" are butt-ugly, too.

Wed, 12/01/2010 - 15:12 | 769026 DaveyJones
DaveyJones's picture

that's because they know who to kiss and they know not to "tell"

Wed, 12/01/2010 - 17:34 | 769724 A_MacLaren
A_MacLaren's picture

You take the blue pill and the story ends. You wake in your bed and believe whatever you want to believe.

Any questions?

Wed, 12/01/2010 - 14:59 | 768957 TruthInSunshine
TruthInSunshine's picture

You have to sign a contract to give your money away before Goldman Sachs' branches will appear to you, eager to take your deposit.

Wed, 12/01/2010 - 15:22 | 769096 eatthebanksters
eatthebanksters's picture

They don't even have their name on a sign at their new headquaters either.

Wed, 12/01/2010 - 16:47 | 769528 Miss Expectations
Miss Expectations's picture

Where's the Christmas party being held this year?

Wed, 12/01/2010 - 13:53 | 768605 LongSoupLine
LongSoupLine's picture

It's completely and utterly f'ing disgusting!

Wed, 12/01/2010 - 13:56 | 768619 fuu
fuu's picture

Comparing borrow times/dates with Treasury purchases and market ramps will be interesting.

Wed, 12/01/2010 - 14:14 | 768726 moneymutt
moneymutt's picture

really good point, also interesting would be investment banks public statements or guidance to clients at time of borrowing comined with aborrent spikes in certain types of trades.

Wed, 12/01/2010 - 14:32 | 768826 fuu
fuu's picture

I see PIMCO borrowed $7.2B from TALF and has only paid back $4.2B. That leaves them $3B in capital to front run POMO through 2012. At LIBOR +100 they stand to make lots of money there.

Wed, 12/01/2010 - 15:06 | 768992 moneymutt
moneymutt's picture all these hard-charging, supposedly-genius capitalists are just govt supported welfare queens who have friends on the inside giving them free food stamp cards...what a bunch of corrupted hypocritical jerks

Wed, 12/01/2010 - 15:09 | 769007 Jerry Maguire
Jerry Maguire's picture

So true.  I'll never complain about welfare again.  These people are the real problem.

Wed, 12/01/2010 - 15:23 | 769104 NotApplicable
NotApplicable's picture

Speaking of which, I wonder just how much "Suck it up" Charlie and Uncle Warren have gotten?

Wed, 12/01/2010 - 15:23 | 769106 eatthebanksters
eatthebanksters's picture

Crony capitalism...

Wed, 12/01/2010 - 18:38 | 769968 IQ 145
IQ 145's picture

 Well, Gross is anyway. probably not "all"; still it is jarring information.

Wed, 12/01/2010 - 15:14 | 769036 DaveyJones
DaveyJones's picture

excellent. It's what we suspected, hopefully, this is evidence 

Wed, 12/01/2010 - 13:57 | 768627 ATM
ATM's picture

Hey but they saved us! Fucking bastards.

I hope they know the temperature is rising.


Wed, 12/01/2010 - 14:12 | 768718 e_goldstein
e_goldstein's picture

that tends to happen if enough torches are lit.

Wed, 12/01/2010 - 14:16 | 768729 moneymutt
moneymutt's picture

they saved themselves and screwed us, we could have recovered from a bank crash...and these people are serious, Paulson got down on his knees to plead to Pelosi to get House to pass bank bailout in 2008...he acted like his life depended on it, so it must have.

Wed, 12/01/2010 - 13:58 | 768636 Boilermaker
Boilermaker's picture

How lovely to literally 'data dump' rather than PRESENT the information to the taxpayer.


Wed, 12/01/2010 - 14:18 | 768738 moneymutt
moneymutt's picture

whatever, they think people are to stupid or lazy to put the numbers and timing together and suss out insider moves, but Zerohedge and many others with figure it all out just fine...we don't need their stinking interpretations any ways...but yes, a govt actually serving the people, not the banks, would process this and present it in an informative way

Wed, 12/01/2010 - 14:20 | 768752 Oh regional Indian
Oh regional Indian's picture

Boilermaker, how wiki-leaks of them eh? Same exact modus operandi.

Dump. 95% bland crap. 5 % leaks on the scapegoats.

0% exposure (national Security whatever) for the real criminals.

Hey looky, the curtain is going sideways, no wait, it's coming down....


Wed, 12/01/2010 - 16:31 | 769473 faustian bargain
faustian bargain's picture

I'd much rather have raw data than highly-spun interpretations.

Wed, 12/01/2010 - 13:59 | 768643 Atomizer
Atomizer's picture

The banks are insolvent. End of story.

Wed, 12/01/2010 - 14:59 | 768954 karzai_luver
karzai_luver's picture

+ -100 giggty trillion

and i think always will be from now on until ........???

Wed, 12/01/2010 - 15:57 | 769323 Hephasteus
Hephasteus's picture

Ya but according to Dick Bove insolvent means you're worth 21 dollars a share.

Wed, 12/01/2010 - 14:00 | 768650 Boilermaker
Boilermaker's picture

How much did we 'loan' to overseas institutions...??!??

Wed, 12/01/2010 - 14:17 | 768734 Fidel Sarcastro
Fidel Sarcastro's picture


Wed, 12/01/2010 - 14:35 | 768845 Hacksaw
Hacksaw's picture

There you have it folks, social security and medicare have to go because we have to keep Europe afloat. You dead beat Americans just don't get it, you should be proud to work until you die so you can pay taxes to support your betters in Europe. NEWS FLASH - IMF needs another trillion or two from U.S. to keep Europe going.

Wed, 12/01/2010 - 15:17 | 769053 DaveyJones
DaveyJones's picture

I recall that was one of the earliest suspicions and probably the earliest bernanke data fears

Wed, 12/01/2010 - 16:33 | 769482 faustian bargain
faustian bargain's picture

Remember that hearing where he said he wasn't sure what the overseas banks did with the money? It was a real "I-want-to-punch-his-nuts" kind of moment.

Wed, 12/01/2010 - 14:01 | 768657 economessed
economessed's picture

My blood pressure readings bear a striking resemblence to many of these 2008 Q4 data charts..... 

Wed, 12/01/2010 - 15:13 | 769034 Thanatos
Thanatos's picture

Precisely the point of the data dump.

The people who read it and understand it will have their very lives shortned by the experience.

After enough "data dumps" people like us will keel over and they will be left with only the "desireable" citizens who were too entranced with boobtoob or whatever to read anything longer than a warning label.

Wed, 12/01/2010 - 14:01 | 768661 crazyjsmith
crazyjsmith's picture

TD and Zerohedge, you are the Wikileaks of the Finance World!! Far more important than anything they have released, but we need to get more eyes open.

For those of us who CAN handle the truth, you are here for us, can't say Thank You enough.

Anyone who can donate, should. 

Wed, 12/01/2010 - 15:31 | 769066 DaveyJones
DaveyJones's picture

Exactly. I keep thinking of the timing of this release connected with the amazing attention given to the Wikileaks leak to draw off attention, the highly unusual date rape, international arrest warrant, and the fact that I regularly see child molesters get bail at a mere $50,000 in state courts..... 

Wed, 12/01/2010 - 18:46 | 770003 crazyjsmith
crazyjsmith's picture

Yes, rather audacious that Interpol would have him on any list, much less on a most wanted list that includes an international arrest warrant, what a joke.  They must still think we are living in the Cold War days, and we'll just believe this non-sense and buy into their shell games.       

It's all very revealing and also very predictable at this stage in the game.   

Wed, 12/01/2010 - 14:01 | 768664 johngaltfla
johngaltfla's picture

Are you including Merrill in those totals Tyler? Between London and the U.S. I'm showing $2.08 trillion borrowed in the Merrill Lynch Government Securities division alone.

Nice money laundering operation. Loan money to BoA and Merrill, sell Treasuries to them, then borrow MBS from them, after they make a profit on the Treasuries, use the profit to repay the Fed and make about 25 bps or so (allegedly). Nice way to add liquidity to insolvent institutions Ben.

AIG is sweet too. Your taxpayer dollars at rape, er work.

Wed, 12/01/2010 - 14:07 | 768690 Hansel
Hansel's picture

Yep.  Now remember, we need to cut the deficit so the U.S. can make sure it pays Ben back for all his printed money.

Wed, 12/01/2010 - 14:09 | 768700 redpill
redpill's picture

And I can't wait for the "we don't have a spending problem, we have a tax revenue problem" line to make its next appearance in the political rhetoric.

Wed, 12/01/2010 - 14:52 | 768927 wiskeyrunner
wiskeyrunner's picture

Printed at a cost of 4cents on the dollar I might add.

Wed, 12/01/2010 - 15:05 | 768981 johngaltfla
johngaltfla's picture

Here ya go, chart with PDCF borrowings of BoA/Merrill after shotgun wedding....

Federal Reserve Data Dump: Bank of America/Merrill Lynch Borrowings from PDCF
Wed, 12/01/2010 - 16:45 | 769520 Cardinal Fang
Cardinal Fang's picture

Looks like they took some time off around the holidays. Skiing in Gstaad?

Wed, 12/01/2010 - 14:09 | 768699 Kyron95131
Kyron95131's picture

pretty much...

Wed, 12/01/2010 - 14:21 | 768757 moneymutt
moneymutt's picture

I still don't get why this is not a widely know mainstream rage point...shoot if we are going to print money, why do we have to pay interest on it.

If we lend you 2 trillion of printed money and you buy Treasuries with it, didn't we, from the taxpayer pocket just hand you billions for nothing. We should at least cut out the middle men, what parasites...and they think they are special. I too could make a lot of risk free money buying Treasuries if you lent me Trillions for nothing.


Wed, 12/01/2010 - 14:34 | 768839 traderjoe
traderjoe's picture

Exactly. Bring back the Lincoln Greenback. 

Wed, 12/01/2010 - 15:02 | 768962 karzai_luver
karzai_luver's picture

socialist commie mao kisser hitler lover terrorist appeaser ..................death to you!!!!

Wed, 12/01/2010 - 15:34 | 769156 DaveyJones
DaveyJones's picture

the middlemen wouldn't have it any other way and besides, they do both sides a great service, keeping both propped up and looking alive and yes, the citizens are being ripped off in the largest criminal heist in American history. Like my comment above, how do these facts stack up against arrogant state department employees bitching about their international counterparts.   

Wed, 12/01/2010 - 14:07 | 768688 Arius
Arius's picture

I am curious if any individuals borrowed as well?

Wed, 12/01/2010 - 14:08 | 768694 redpill
redpill's picture

Yeah what's the address of that discount window, and what are the teller hours?

Wed, 12/01/2010 - 14:07 | 768689 Johnlaw2012
Johnlaw2012's picture

USA is truly Roman Style of Decline.

Wed, 12/01/2010 - 14:11 | 768712 Kyron95131
Kyron95131's picture

with exception to having the internet to propagate the information as opposed to horseback and hersay which will only exponentially speed the process, i would agree.

Wed, 12/01/2010 - 15:40 | 769230 DaveyJones
DaveyJones's picture

so so true, modern global society will condense and accellerate an empires destruction. Lucky us 

Wed, 12/01/2010 - 15:00 | 768959 NotApplicable
NotApplicable's picture

Nero, or Caligula?

Wed, 12/01/2010 - 15:17 | 769058 Vergeltung
Vergeltung's picture

definately Nero!  :-)

Wed, 12/01/2010 - 14:07 | 768693 Cdad
Cdad's picture

Bond bullies weighing in...on long date American paper debt.  I'm sure it is good news in ways that I cannot understand, but it looks like a virtual collapse in the 30 year.



Wed, 12/01/2010 - 14:10 | 768710 TWORIVER
TWORIVER's picture

TLT is ex div today for 33.9 cents so factor that in.

Wed, 12/01/2010 - 14:10 | 768708 erik
erik's picture

So doesn't an ECB QE announcement make the EUR-USD even weaker?

The EU "stability" would strengthen the Euro but meet head on with the QE de-value sellers.  The USD sold for 2 straight months on QE rumors.  This is a tricky trade developing.

If jobless claims and nonfarm payrolls beat this week, we'll be at 1228 by the end of this week, and re-testing the Fib 61.8% level.

Wed, 12/01/2010 - 14:16 | 768730 DB Cooper
DB Cooper's picture

So the Fed bought a bunch of crap at par.  Helped the Bankstas but hasn't helped the middle class.  They're only hope is that they can stave off the revolution long enough to resume their normal PONZI and cover up their "paper (fiat)" losses.  So far they are staying one step ahead of the masses. 

Wed, 12/01/2010 - 14:25 | 768775 moneymutt
moneymutt's picture

yeah, instead, FED could have let banks failed, spent all the huge money they printed paying people to work to build roads, bridges, schools, rail, wind turbines, updated electrical grid, etc and out economy would have been much better for it.. instead, it all went into black hole of parasite banks

Wed, 12/01/2010 - 14:34 | 768841 John McCloy
John McCloy's picture

    And allowed all banks to fail and create a firewall around customers deposits. The greatest benefit of allowing what should naturally to occur which is " falling prices" would have been the ability for Americans to purchase homes and goods at their fair market value and not one that is the complete and utter result of placing an invisible hand under assets for what can only be a temporary time period. 

     Then business would have failed and learned malinvestment and incredibly stupid risk via leverage is a no go. This would most new business would proceed more cautiously in the future and prevent these articificial bubbles form being recreated and let natural growth prevail. 

    Instead we made the system the most dangerous it has ever been in it's history by giving these elites the greenlight on fraud rewarded with governmental protection and impoverished the middle class even further. This also incites more political donations to capture politicians who see their is only reward in selling out their nation thus perpetuating a corrupt government system that will always historical end in revolution. 

Wed, 12/01/2010 - 15:08 | 768969 moneymutt
moneymutt's picture

agreed...the whole idea of having a democractic republic is so the "people" have power rather than a king, an elite group, oligrachs, dictator the govt is supposed to represent our interests, stop monopolies, cartels, trusts, thugs, gansters, fraudsters, thieves etc...instead, the govt is corrupted and it hands state power to the service of those it is supposed to protect us from

Wed, 12/01/2010 - 17:00 | 769575 Things that go bump
Things that go bump's picture

Its like watching jugglers do that routine with many twirling plates on sticks, running from one from one to the other as it slows, to give it a twirl, starting new ones.  Sooner or later (I think sooner - but what do I know) they are going to make a mistake or something unforeseen will occur and we will have a lot of broken crockery.  


Wed, 12/01/2010 - 14:16 | 768732 What a mess_man
What a mess_man's picture

Please let's not get our britches in a bunch.  I just read in my local paper about how they paid most all of it back.  The headline read something about how the entire deal of what is owed to the taxpayer has 'dwindled' to a few billion.  Whew!  It was really refreshing to read this, and since it was an AP article (I believe) I know it has to be true.   I'll just hold my breath until my own personal rebate arrives, or taxes are lowered, whichever comes first...

Wed, 12/01/2010 - 14:43 | 768884 Precious
Precious's picture

There was a massive cost to this in terms of funds diverted to save bloated, crooked banks instead of other targeting resources like small business investment.  American's have paid a price for the last two years, and may pay for many more years.  Just because the banks paid the money back doesn't mean there wasn't a cost to the American public.  In fact, this probably made the US economy worse, and only stimulated foreign manufacturing economies like China.  So, for US residents, there was a huge cost.  It's called a recession, and if you don't believe me, look at your bank account balance.

Wed, 12/01/2010 - 15:31 | 769176 What a mess_man
What a mess_man's picture

Yeah I was being sarcastic man.  Sorry forgot the tag, thought it was obvious.  I am here right?

Wed, 12/01/2010 - 15:05 | 768980 fuu
fuu's picture

PIMCO still owes $3B from TALF...

Wed, 12/01/2010 - 14:17 | 768735 Singularity
Singularity's picture

Its laughable how much of a non-event this is.

Wed, 12/01/2010 - 14:17 | 768736 Caviar Emptor
Caviar Emptor's picture

The Before and After Picture:

William Simon was Treasury Secretary from1974-1977. He was scandalized when he remarked:

"Throughout the last century the attachment of businessmen to free enterprise has weakened dramatically as they discovered they could demand--and receive--short-range advantages from the state. . . . I watched with incredulity as businessmen ran to the government in every crisis, whining for handouts or protection from the very competition that has made this system so productive."

Paulson and Bernanke, on the other hand, far from being scandalized were right there with wheel barrels of cash for the asking, handing out without hesitation.

Why the night and day change? 

Because the global Ponzi scheme has been fully legitimized. Their actions plus the lack of any attempt to fix anything after the crisis confirm that the Fed condone the business practices that caused the crisis and expect that they will continue going forward. THis is the new reality and will likely crowd out other legitimate business like traditional banking. Banks are now there to back other banks, not to invest in productive enterprise. 

Wed, 12/01/2010 - 15:09 | 769008 moneymutt
moneymutt's picture

great comment, so true

Wed, 12/01/2010 - 14:18 | 768741 Fraud-Esq
Fraud-Esq's picture

"Additionally, discount window and open market operation transactions after July 21, 2010, will be posted with a two-year lag."

why July 21? 

Wed, 12/01/2010 - 14:19 | 768743 wjs90
wjs90's picture

Just did a quick look through and was expecting to see Lehman all over the place but seems they only had a little involvement.  Wonder what they were doing while they were blowing up?

Wed, 12/01/2010 - 14:22 | 768765 rubearish10
rubearish10's picture

They weren't invited to the party. Their name was not on the LIST.

Wed, 12/01/2010 - 14:43 | 768887 MyKillK
MyKillK's picture

Good point. Seems like Lehman wasn't "allowed" to fail, it was forced to fail.

Wed, 12/01/2010 - 14:19 | 768745 Turd Ferguson
Turd Ferguson's picture

I'm still hoping that, as posited earlier by someone else, the "big private bank" that the wikilinks people are going to expose is, in fact, The Fed.

Wed, 12/01/2010 - 14:21 | 768762 Hansel
Hansel's picture

We can dream.

Wed, 12/01/2010 - 14:24 | 768773 SheepDog-One
SheepDog-One's picture

I doubt it Turd, like all the other 'Wikileaks' they ramp up hype, then dump some unsavory details of things but never anything actually criminal.

Wed, 12/01/2010 - 14:25 | 768776 redpill
redpill's picture

We already know he has 5 gigs on BofA, it's gotta be the lead candidate

Wed, 12/01/2010 - 14:28 | 768804 Joe Davola
Joe Davola's picture

Until it appears (and is categorically denounced/denied by BAC) it is only a claim.

Wed, 12/01/2010 - 14:30 | 768817 tmosley
tmosley's picture

How do you know that?

I haven't really been keeping up with Wikileaks beyond what is posted here and on a couple of other blogs.

Wed, 12/01/2010 - 14:33 | 768829 redpill
redpill's picture

Assange October 2009 interview with Computer World.

Wed, 12/01/2010 - 14:56 | 768938 tmosley
tmosley's picture

Christ, he's held onto it that long, eh?

I'll have to look up that interview.

Wed, 12/01/2010 - 15:11 | 769016 Joe Davola
Joe Davola's picture

That's why I'm somewhat skeptical.  Somewhat, because his track record for claims/produce has been good, but why hold onto it?  I know, he says he doesn't want to just back the truck up and raise the lift gate, but isn't that what his site is all about.

Wed, 12/01/2010 - 15:23 | 769100 tmosley
tmosley's picture

You know, I was thinking about that, and it might be that he sits on the data as he gets it so that his source can continue to feed him more until he has everything he can get.  He then gives his sources time to get out before dumping the data.

That is nothing but speculation, but it seems to make sense.

Wed, 12/01/2010 - 16:06 | 769364 MachoMan
MachoMan's picture

It also helps ensure he stays alive...

Thu, 12/02/2010 - 00:12 | 770831 StychoKiller
StychoKiller's picture

Who, the source or Assange??

Thu, 12/02/2010 - 16:05 | 772969 MachoMan
MachoMan's picture

Assange...  if they will not cooperate and stay the hell away, then you go ahead and release all the information, carte blanche, and let the chips fall where they may.  If an agreement can be struck (albeit probably with persons of substantially higher machiavellian aptitude), then you always keep a lifeline in reserve.  If you are under the fear that any bargain may be reneged, then you ensure the information's dissemination upon your untimely demise.  If you do release the information, carte blanche, then you have sealed your demise.  In the event there are competing interests, you cater to the biggest dog.  The choices are simple.

Wed, 12/01/2010 - 15:09 | 769006 MagicHandPuppet
MagicHandPuppet's picture

Thanks for the tip, Red.


"At the moment, for example, we are sitting on 5GB from Bank of America, one of the executive's hard drives," he said. "Now how do we present that? It's a difficult problem. We could just dump it all into one giant Zip file, but we know for a fact that has limited impact. To have impact, it needs to be easy for people to dive in and search it and get something out of it."

Wed, 12/01/2010 - 14:26 | 768783 tmosley
tmosley's picture

Wow, something that would be even better than JPM.  Well played, Turd, well played.

Wed, 12/01/2010 - 14:33 | 768828 Kaiser Sousa
Kaiser Sousa's picture

Turd -

what the hell is goin on with Silver???

Wed, 12/01/2010 - 15:00 | 768946 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Nice!  The list.

1)  Fed release:  We find out all the intricacies of TARP, STIMULOUS, QE2, and Blackhawk Ben's Toll House cookie recipe

2)  The release gives detailed info about Blankfein feasting on John Paulson's CDSs with love, "I love the smell of Napalm in the morning."

3)  JPM silver manipulation:  The Emperor "wears" silver bikini shorts he doesn't have

4)  How Brian Moynihan keeps a fresh role of MBSs next to his toilet.

Wed, 12/01/2010 - 14:23 | 768747 neelyfallon
neelyfallon's picture

And the market yawns at all the "shocking revelations"...

No one is going to give a fuck as crony capitalism rules the day and will take out American democracy and hand this nation over to China thru a deed-in lieu-of foreclosure. The Fed backstoping corporate America is yesterday's news. People bitch and moan more about the horror of basic healthcare for all US citizens while wandering around in daze looking to purchase cheap Chinese made consumer goods on credit making TBTF "citizens" ever more richer and powerful. This is good and patriotric and right and righteous! Oligarchy continues to win and all the sheeple continue to vote against their own interests. Nothing to see folks...move along. Happy Holidays!

Wed, 12/01/2010 - 14:22 | 768763 max2205
max2205's picture

sad part is they just bought their own stock to prop up the price.....poof!

Wed, 12/01/2010 - 14:22 | 768764 Zero Debt
Zero Debt's picture

Aah! Now I know why stocks ramped in Mar 2009. It was centrally planned.

Wed, 12/01/2010 - 15:03 | 768970 NotApplicable
NotApplicable's picture

And Mark Haines called the very bottom day on CNBS (all due to technical charts, of course).

Wed, 12/01/2010 - 14:24 | 768769 TruthInSunshine
TruthInSunshine's picture

According to the New York Crimes, Bernank&Syndicate "emphasized that most of the programs closed earlier this year and that taxpayers did not incur losses."




"We'll see," said the Zen Master.

Wed, 12/01/2010 - 14:53 | 768930 johngaltfla
johngaltfla's picture

That's the biggest fucking bullshit I've ever read and pisses me off.

WTF does Bernanke call a 15% devaluation of the currency for the middle class? Rape with a kiss and a hug?

Wed, 12/01/2010 - 17:07 | 769604 MarketTruth
MarketTruth's picture

And not even the curtesy of a reach around.

Wed, 12/01/2010 - 14:23 | 768770 ZackLo
ZackLo's picture

Rofl, looking at this it seems the discount window would be a goldmine of information..duetche bank? credit suisse? I thought this bailout was supposed to be american....

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