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QE BaSiC PRoCeSSeS: THe RoLE oF "PRiMaRY DeaLeRs"

williambanzai7's picture




 

QUANTITATIVE EASING

 

 

  "Primary dealers" play a critical role in the creation of US Government debt, the circulation of fiat money, the execution of monetary policy and the governance of the Federal Reserve Bank.

For this they are subsidized handsomely by a multitude of schemes all of which essentially erode the purchasing power of your savings.

It is not suprising that Primary Dealers are subject to rigorous selection criteria...

 

 

 

ARCHIVE PHOTOGRAPH NY FED PRIMARY DEALERS

 

 

"The New York Fed expects a primary dealer to maintain a robust compliance program, including procedures to identify and mitigate legal, regulatory, financial, and reputational risks."

"The New York Fed may take action against any primary dealer that does not comply with the standards set forth in this policy. That action will vary depending upon the type of non-compliance, but may range, for instance, from suspension from one or all programs for a period of time to termination as a primary dealer."

Source: NY Fed website

WB7: Have you ever seen or heard of a bigger fucking joke?

 

Don't answer that please...

 

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Thu, 12/13/2012 - 16:48 | 3060772 Satan
Satan's picture

My primary dealer is Miguel. My secondary dealer is also called Miguel but he is less reliable.

Thu, 12/13/2012 - 18:23 | 3061022 kaiserhoff
kaiserhoff's picture

All the cab drivers in Paris are named Paki.  So which one ripped you off?

Thu, 12/13/2012 - 14:49 | 3060238 edb5s
edb5s's picture

That flow chart should be on the Wiki article for QE

Thu, 12/13/2012 - 19:36 | 3061189 fourchan
fourchan's picture

done.     see flow chart in external links at the bottom lol

 

 

 

http://en.wikipedia.org/wiki/Quantitative_easing#External_links

Thu, 12/13/2012 - 19:46 | 3061213 Jim in MN
Jim in MN's picture

Bravo.  And just for the holidays, here is the world's funniest Wikipedia page.  Try to read with a straight face.

http://sco.wikipedia.org/wiki/Neep

Tue, 12/18/2012 - 09:02 | 3074269 Ar-Pharazôn
Ar-Pharazôn's picture

LOL! that was funny! but why someone wrote like this`?

Thu, 12/13/2012 - 23:02 | 3061756 Mike in GA
Mike in GA's picture

I knew this would happen once pot was legalized! :)

Thu, 12/13/2012 - 14:25 | 3060141 falak pema
falak pema's picture

Bernanke : I want your to spend more on WB7's geisha! ...I'll buy that image.

Now that would make your Xmas, WB7, if you got that in your letter box!  

Sadly, I doubt if hell-i-copter Ben has that sense of humour and that generosity of wallet.

Thu, 12/13/2012 - 13:20 | 3059931 MrBoompi
MrBoompi's picture

Gee I wonder why we haven't heard that HSBC's Primary Dealer status has been revoked due to the laundering of billions of drug profits?

OK, maybe HSBC can no longer do this laundering, but no doubt some other TBTF scooped up those accounts, because god knows the cartel will not let that gravy train out of the station.

Thu, 12/13/2012 - 13:45 | 3060012 williambanzai7
williambanzai7's picture

They are saying they didn't want to damage the financial system. How ridiculous is that?

Thu, 12/13/2012 - 13:18 | 3059924 Clowns on Acid
Clowns on Acid's picture

Biily B. - fabulous stuff as per usual. I must correct you howvever...there are no Primary Dealers anymore...you are so old fashioned son.

We now have "Primary Stealers". Get with the program young man.

Thu, 12/13/2012 - 13:12 | 3059897 rufusbird
rufusbird's picture

Can I get that on a T-shirt please! (the meeting)

Thu, 12/13/2012 - 13:43 | 3059949 williambanzai7
williambanzai7's picture

Sure, I'll post a link here.  Voila: http://www.zazzle.com/primary_dealers-235470548859363260

Thu, 12/13/2012 - 13:15 | 3059895 rufusbird
rufusbird's picture

dupe

Thu, 12/13/2012 - 12:39 | 3059760 French Frog
French Frog's picture

Is that John Corzine in the front row of the B/W picture?

Thu, 12/13/2012 - 13:14 | 3059907 Withdrawn Sanction
Withdrawn Sanction's picture

Why yes it is.  You can tell b/c he's got his hand in the other guy's pocket.

Thu, 12/13/2012 - 12:17 | 3059644 WhyDoesItHurtWh...
WhyDoesItHurtWhen iPee's picture

Great  job, please keep shining the light on these criminals.

Thu, 12/13/2012 - 12:16 | 3059639 koaj
koaj's picture

i think i see a young Meyer Lansky in the PD photo from 1914

Thu, 12/13/2012 - 11:36 | 3059393 Enslavethechild...
EnslavethechildrenforBen's picture

Trading little tiny pieces of green paper for real assets since 1913.

Thu, 12/13/2012 - 11:29 | 3059350 williambanzai7
williambanzai7's picture

Here is the official list:


Bank of Nova Scotia, New York Agency

BMO Capital Markets Corp.

BNP Paribas Securities Corp.

Barclays Capital Inc.

Cantor Fitzgerald & Co.

Citigroup Global Markets Inc.

Credit Suisse Securities (USA) LLC

Daiwa Capital Markets America Inc.

Deutsche Bank Securities Inc.

Goldman, Sachs & Co.

HSBC Securities (USA) Inc.

Jefferies & Company, Inc.

J.P. Morgan Securities LLC

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Mizuho Securities USA Inc.

Morgan Stanley & Co. LLC

Nomura Securities International, Inc.

RBC Capital Markets, LLC

RBS Securities Inc.

SG Americas Securities, LLC

UBS Securities LLC.

Thu, 12/13/2012 - 23:07 | 3061767 Mike in GA
Mike in GA's picture

Isn't the PBOC missing from this list? 

Thu, 12/13/2012 - 19:43 | 3061206 Jim in MN
Jim in MN's picture

 

Well, somebody got shtupped at DB....

http://news.yahoo.com/four-deutsche-bank-employees-jailed-thursday-171015965--sector.html

FRANKFURT (Reuters) - Four of the five Deutsche Bank employees arrested for money laundering or obstruction of justice related to a carbon trading scheme will remain in jail, the Frankfurt prosecutor said on Thursday.

One Deutsche Bank employee was allowed home on health grounds, the prosecutor said.

The employees were arrested during raids on Germany's flagship lender on Wednesday.

It is too early to conclude whether the raids, by 500 tax inspectors, police and prosecutors, would yield any new evidence, Frankfurt prosecutor Guenter Wittig said, adding, "This will take months. I cannot comment about an ongoing investigation."

The prosecutor's probe is focused on tax evasion linked to tax credits and a scheme involving the trading of carbon permits.

Thu, 12/13/2012 - 17:43 | 3060943 willwork4food
willwork4food's picture

How can you think of mere financial ruin when you paint so many hot babes?

Thu, 12/13/2012 - 16:57 | 3060813 GAAPpreNixon
GAAPpreNixon's picture

Thank you. I'll save that as my list of the "Bad Apples R' US" rogues gallery.

Thu, 12/13/2012 - 12:46 | 3059788 ptoemmes
ptoemmes's picture

HSBC, HSBC, where have I heard that name recently...

 

;-)

Thu, 12/13/2012 - 13:16 | 3059893 old naughty
old naughty's picture

The squid called GS is behind all and will soon swallow all those sovereignties named US+Can, UK, J, G, F.

Thu, 12/13/2012 - 12:13 | 3059601 otto skorzeny
otto skorzeny's picture

a regular "Murderers' Row"-literally

Thu, 12/13/2012 - 12:29 | 3059702 williambanzai7
williambanzai7's picture

For Wall Stree firms, being on this lst is a crucial credential, which humorously, is supposed to evidence a high level of prestige.

Lehman, Bear Stearns, Countrywide and MF Global were all members of this gallery of rogues.

Thu, 12/13/2012 - 13:11 | 3059887 otto skorzeny
otto skorzeny's picture

who chooses them?the Fed,the Treasury?

Thu, 12/13/2012 - 13:24 | 3059946 williambanzai7
williambanzai7's picture

They apply to the Fed. Once they are added to the list the Fed is supposed to make sure they continue to satisfy the eligibility criteria, best practices etc. I don't know what politics goes along with it, but I'm sure plenty.

Thu, 12/13/2012 - 10:53 | 3059174 williambanzai7
williambanzai7's picture

SHY BANZAI7 MERRY GIRL

Thu, 12/13/2012 - 18:28 | 3061038 kaiserhoff
kaiserhoff's picture

Now I could get into that chanukah bush.  Always surprising and always delightful William.  Thanx.

Thu, 12/13/2012 - 11:13 | 3059278 WALLST8MY8BALL
WALLST8MY8BALL's picture

I really dig LK and Banzai's

Sharp Shooting Satirical Drive by's

Detailing Financial Carnage

With Sharp Bullets of Knowledge

The Powers That Be they will Defy

 

 

 

 

 

Thu, 12/13/2012 - 10:50 | 3059159 williambanzai7
williambanzai7's picture

QE BENNY (Before)

Thu, 12/13/2012 - 10:48 | 3059152 williambanzai7
williambanzai7's picture

QE BENNY (AFTER)

Thu, 12/13/2012 - 10:42 | 3059128 williambanzai7
williambanzai7's picture

CHRISTMAS CHEER

Thu, 12/13/2012 - 20:31 | 3061324 MsCreant
MsCreant's picture

Now is that the Ghost of Christmas Presents, or Christmas Futures?

Thu, 12/13/2012 - 12:37 | 3059749 Lost Wages
Lost Wages's picture

Letting Wall Street fuck us in the ass wasn't enough to prove that we loved them?

Thu, 12/13/2012 - 13:15 | 3059910 Clowns on Acid
Clowns on Acid's picture

I might be chesp....but I'm not easy....bitchez....

Thu, 12/13/2012 - 13:14 | 3059901 otto skorzeny
otto skorzeny's picture

they don't even have the common decency to give us a reach-around (props to R. Lee Ermey)

Thu, 12/13/2012 - 13:16 | 3059914 TruthInSunshine
TruthInSunshine's picture

Ya' have to start getting those made into ginormous, glossy posters, WB.

I'd buy some. For instance, that one.

Thu, 12/13/2012 - 14:04 | 3060079 williambanzai7
williambanzai7's picture

Which, the dealers or Santa Ben?

Thu, 12/13/2012 - 14:33 | 3060155 iDealMeat
iDealMeat's picture

The "Merry Banzai Christmas"

Thu, 12/13/2012 - 14:56 | 3060283 williambanzai7
williambanzai7's picture

I don't have a high resolution version of that for a poster. But I have it on a nice mug.

http://www.zazzle.com/merry_banzai_christmas_mug-168729539288032855

Thu, 12/13/2012 - 16:54 | 3060797 GAAPpreNixon
GAAPpreNixon's picture

This is just a suggestion, but have you considered making a BAD APPLES R' US   poster of the Broker dealers? They ARE, after all, the people the Fed gives all the "toys"  to on a regular basis....

Thu, 12/13/2012 - 12:11 | 3059589 otto skorzeny
otto skorzeny's picture

hey benny boy-I'm doing the opposite-the wallet is closed.

Thu, 12/13/2012 - 15:47 | 3060519 max2205
max2205's picture

WB....time for a nightmare before christmas edition?

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