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A Busy Two Months for the New York Fed

CrownThomas's picture




 

The Sack-man was busy over the past two months, returning ~$19 Billion dollars worth of shitty mortgage backed securities back to the private sector (face value that is), and buying a building. $207.5 Million is a rather large operating expense, couldn't the treasury use that for something?

Today the NYFed announced that they sold the final $6 billion dollars worth of securities they held in Maiden Lane II to Credit Suisse. Feel good if you're a client of Credit Suisse, they "won" two out of the three bids for these toxic assets - have fun with that.

This draws the AIG bailout holdings down to zero, and clears the account out for the next round of MBS purchases from Fannie & Freddie. The Fed claims to have made ~$2.8 Billion on their AIG "investment".

Sack checks off some of his SMART objectives early in the quarter:

 

ZH exclusive footage of Sack-man calling Bernanke at HQ to let him know the deal is done:

 

 

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Wed, 02/29/2012 - 13:40 | 2208644 The Gooch
The Gooch's picture

END THESE MOTHERFUCKERS

Ron Paul Punk Rock Anthem - http://www.youtube.com/watch?v=eWC_0jPFQ_Q

Wed, 02/29/2012 - 12:19 | 2208205 SAT 800
SAT 800's picture

Credit Suisse, eh? Well, it's nice to know the "greater fool" theory of investing is still alive and well.

Wed, 02/29/2012 - 07:54 | 2207304 ShankyS
ShankyS's picture

Funny, pulling liquidity used to be a big deal, now there is so much out there spread around the globe it hardly matters anymore. Thanks CT. 

Wed, 02/29/2012 - 06:01 | 2207156 ebworthen
ebworthen's picture

They must be clearing the cutting room floor so the FED butchers can bleed some more taxpayers for the next round of bailouts after the next crash.

Liquidity to infinity; middle class to hell.

Wed, 02/29/2012 - 04:35 | 2207103 Shibumi2
Shibumi2's picture

i like obamas hair cut. the romney look is way too 1950's.

 

i was thinking of voting for the ron paul, but the kindly old grandpa look is way too whack for me. chicks don't go for old guys, unless they have some bling.

 

i hope next election cycle the dems and republicans offer up some fresh new haircuts.

Wed, 02/29/2012 - 04:26 | 2207099 IrritableBowels
IrritableBowels's picture

TVIX

Wed, 02/29/2012 - 03:17 | 2207063 Watson
Watson's picture

I posted the below on another thread:

I saw that report too.

Does anyone know the overall P&L on all the Maiden Lane portfolios?

To be honest, I assumed the underlying securities were bought at the wrong price (too high), just to stop the political implications of further financial services failures.

But (and this sticks in my throat) if the securities really were just illiquid (and not simply rubbish), then buying them to prop the system, at a profit of 14+ percent in a low-interest rate environment, was probably the correct decision.

Watson

Wed, 02/29/2012 - 01:06 | 2206967 Cynthia11640
Cynthia11640's picture

Let's Figure out how to survive please

Wed, 02/29/2012 - 01:05 | 2206965 Cynthia11640
Cynthia11640's picture

Let's figure out how to survive please

Tue, 02/28/2012 - 22:37 | 2206592 non_anon
non_anon's picture

since Jekyll Island the scheming to defraud the american citizenry has beeon ongoing to this day, including the world after Bretton Woods.

Tue, 02/28/2012 - 22:52 | 2206632 Wakanda
Wakanda's picture

How the fuck did we get stuck these jerks?  After a few drinks (like now) I wonder how my parents and grandparents let them get a leg up on us.

We can't be so helpless and ineffective, can we?

What can I do so my kid, any kid is not dominated by these "central planning" psychopaths?

Another glass of wine...

Something will come to me when the time is right

Tonight is not the night for inspiration

Wed, 02/29/2012 - 11:16 | 2207803 optimator
optimator's picture

Your parents and Grandparents most likely didn't know the FED existed.  They weren't in the news of course and when they did show up in the WSJ the average person didn't know exactlly what they were doing.  They kept a very low personal profile, and in those days were slowily spreading their wealth to their children and then grandchildren.  And, of course, moving in on the figurehead leadership i. e. Morgenthau/ Roosevelt.  Then, as now, it's always nice to know what's happening before it happens.  As a last thought, imagine what little you'd know now if it weren't for the internet,

Wed, 02/29/2012 - 11:04 | 2207743 Raging Debate
Raging Debate's picture

Wakanda - It is human nature. We're a reactive species, not a proactive one. Add in we are imperfect. The real problem is global demographic imbalance but especially in the West. I can't curse my older relatives that found methods of increasing longevity.

Old people save for decrepency. That was the coming 'savings glut' Alan Greenspan was referring to in mid 1990's. I was not a fan of using a banking solution to discourage savings and creation of bubble's. The attempt created massive moral hazard and led to rampant fraud to pump volume in real-estate.

The brand of the U.S. is beyond tarnished, the state is collapsing, a lot like the Soviet Union in the 1980's. How that went down may help the fear factor. Events in big countries have momentum and we're in a tough trajectory for the next eight years or so. History shows me it is not individuals like us on threads that change things, it is the interaction with other sovereigns for good or ill that does. Things seldom go according to plan no matter how powerful a group is.

I hope some of this helps. Please have a drink for me!

Wed, 02/29/2012 - 09:51 | 2207528 DevilsPrinciple
DevilsPrinciple's picture

They got a leg up on us because our parents and GP's bought their line of BS. And, they actually were beholden because of the various programs they were afforded aka GI Bill, Housing programs and a growing post WW II world power where the possibilities were endless. The skies aren the limit. It was all blue sky. And, back then we didn't have an out of control debt laden leviathan. 

 

Oh yeah, they were fucking a lot, too.

Tue, 02/28/2012 - 22:58 | 2206656 non_anon
non_anon's picture

yeah, I wonder the same thing, why have the past generations failed to stop this and we are as impotent to do anything meaningful today?

Can it be that the masses are so dumbed down?

Is our last sanctuary here on ZH, that know the truth?

How is it the Federal Reserve has remained in power for nearly 100 years?

Wed, 02/29/2012 - 12:26 | 2208237 EatersOfTheFed
EatersOfTheFed's picture

I think it's because they didn't know about the Fed and why would they care anyway?  Their generation had plenty of jobs to choose from, they didn't have to worry about finding work if they were laid off.  The won the second the world war.  Everything was blue skies and rockets to the moon.

The were the last generation not to be flouridated, gmo'd, sweetened with high fructose sugar and on and on.  Look at the eyes of the people from that generation compared to those of us today.  Too bad they were played perfectly by the banksters.  They had the power and clear thinking to stop this nonsense. 

Just my .02.

Tue, 02/28/2012 - 23:01 | 2206669 Wakanda
Wakanda's picture

No good answers from me tonight, but tomorrow is another day...

Tue, 02/28/2012 - 23:19 | 2206713 non_anon
non_anon's picture

I'll do some shots of JD and contemplate for a better day

Tue, 02/28/2012 - 22:34 | 2206582 HD
HD's picture

Where does one get a table at the Fed flea market? I got a garage full of worthless crap to sell at outrageously inflated prices.

It's not rusted out junk - it's mark to market collectibles!

Tue, 02/28/2012 - 21:44 | 2206454 AUD
AUD's picture

So what shitty securities did Credit Suisse pledge to the Fed for the cash to buy the Maiden Lane shit?

Wed, 02/29/2012 - 04:26 | 2207100 IrritableBowels
IrritableBowels's picture

TVIX?

Tue, 02/28/2012 - 21:41 | 2206447 max2205
max2205's picture

I too busy checking out which country to move to when Obummmer get re elected

Wed, 02/29/2012 - 11:37 | 2207912 nodhannum
nodhannum's picture

Dittos here max!  I am doing my due diligence as to where we can establish a back door.

Wed, 02/29/2012 - 07:47 | 2207299 Mitzibitzi
Mitzibitzi's picture

Ah, rats leaving the sinking ship!

Tue, 02/28/2012 - 22:47 | 2206622 King_Julian
King_Julian's picture

Wyoming

Wed, 02/29/2012 - 04:23 | 2207096 prains
prains's picture

outer mongolia

Wed, 02/29/2012 - 10:04 | 2207568 Stax Edwards
Stax Edwards's picture

The markets are hungry for banksta trading cards (think baseball cards). The Brian Sack rookie card is going to be worth a fortune after he takes over for Dudley.  From here on out Sack shall be referred to as "The Golden Boy".

Tue, 02/28/2012 - 21:52 | 2206471 Z Beeblebrox
Z Beeblebrox's picture

Unfortunately, neofeudalism is a global phenomenon.

Do NOT follow this link or you will be banned from the site!