• BullionStar
    05/30/2016 - 21:24
    The US Gold Market is best known as the home of gold futures trading on the COMEX in New York. The COMEX has a literal monopoly on gold futures trading volumes worldwide, but very little physical...

New York Fed Buys Building Housing Plunge Protection Team

Tyler Durden's picture




 

Since nobody else has any interest in downtown NY real estate, Goldman's Bill Dudley, currently incidentally in charge of the New York Fed, has decided to step up. "The Federal Reserve Bank of New York (New York Fed) today announced that it has acquired the building at 33 Maiden Lane for $207.5 million from Merit US Real Estate Fund III, L.P. and established a new, wholly owned limited liability company called Maiden & Nassau LLC to serve as owner of the building. The acquisition provides a cost-effective, long-term alternative to the current practice of leasing space in this and other buildings and allows for greater control over maintenance, operation and security of the building." As a reminder, the 9th floor of 33 Liberty is where the ever elusive, but always present Plunge Protection Team, pardon the "markets group" at the Federal Reserve is housed (more here). And although in recent days it is no secret that the bulk of Fed open market stock order are routed via that one certain HFT powerhouse out of Chicago, it is always a good idea to keep all the market manipulating facilities under one roof. And so, the Fed now will have full domain over everything that transpires under its own roof. And since the building likely has an extended basement, it provides Dudley, and his muppet Ben Bernanke with a convenient location where to store the soon to be confiscated 107 tons of Greek gold.

The legendary Brian Sack hard at work reflating junk and destroying the dollar:

More:

The decision to purchase the building was based on a comprehensive financial analysis that considered the Bank’s long-term space needs and the potential fluctuations in the New York City downtown real estate market. The purchase decision was approved by the New York Fed’s board of directors as well as by the Board of Governors of the Federal Reserve System.

 

The New York Fed has been the primary occupant of the building since 1998 accounting for nearly 75 percent of the space. Approximately 1,100 Bank staff work in the building.

 

William C. Dudley, president of the New York Fed, said, “The purchase is a cost-effective way to meet our business needs and will enable us to more easily ensure appropriate security for our operations. We are also pleased to contribute, through our investment, to the ongoing revitalization of lower Manhattan.”

 

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Tue, 02/28/2012 - 16:21 | 2205327 TruthInSunshine
TruthInSunshine's picture

Dudley & crew could have converted one of The Red Roof Inns into office space and moved in there, as they already bought that with taxpayer money and stuffed it into one of the Maiden Lane slush funds (as well as a ton of other shit buildings they overpaid for on purchases from the BFFs of the New York City Branch of the Federal Reserve).

Bastards.

Tue, 02/28/2012 - 16:25 | 2205356 slaughterer
slaughterer's picture

Brian Sack = American Psycho

Tue, 02/28/2012 - 16:29 | 2205370 hedgeless_horseman
hedgeless_horseman's picture

 

 

There is no Brian, only Zuul.

Tue, 02/28/2012 - 16:33 | 2205381 HamyWanger
HamyWanger's picture

Brian Sack has had more personal, financial and sexual success in his life than what goldbug doomers, Ron Paul-admirer conspiracy theorists and libertarian neoconfederates will ever have, even if they live one thousand years. 

Tue, 02/28/2012 - 16:34 | 2205392 TruthInSunshine
TruthInSunshine's picture

What Hamy is saying is....

 

 

...that he'd hit it:

 

http://investletters.com/blog/wp-content/uploads/2011/03/new-york-fed-pr...

Tue, 02/28/2012 - 16:37 | 2205403 JPM Hater001
JPM Hater001's picture

"The decision to purchase the building was based on a comprehensive financial analysis that considered the Bank’s long-term space needs and"

everything after AND is a lie.  The Fed is planning on expansion...

Tue, 02/28/2012 - 16:39 | 2205415 I think I need ...
I think I need to buy a gun's picture

i assume this is the lead story on world news tonight this evening?

Tue, 02/28/2012 - 16:57 | 2205536 JPM Hater001
JPM Hater001's picture

Cronkite would have covered it.

But the story is as dead to the MSM as he is.

Tue, 02/28/2012 - 21:16 | 2206374 Hard1
Hard1's picture

So the pluge protection team is not only trying to manipulate err..protect all financial markets but also some real markets, such as real estate as well....wow! what a bunch of real assholes.

 

Oh and also Maiden lane happens to be the name of a large portfolio of shitty er...  distressed mortgage assets bought in the crisis.  Any Fed investment that has the word Maiden on it is doomed.  Even if they buy the rights for Iron Maiden number of the beast!

Wed, 02/29/2012 - 12:03 | 2208106 SAT 800
SAT 800's picture

Everything before the "and" is also a lie. Just sayin.

Tue, 02/28/2012 - 17:58 | 2205807 LowProfile
LowProfile's picture

OMG A GIANT WEASEL QUICK KILL IT WITH FIRE

Tue, 02/28/2012 - 16:38 | 2205404 economics1996
economics1996's picture

How many more days does Brian Sack have?  OWS will get him sooner, or later.

Tue, 02/28/2012 - 17:09 | 2205596 battle axe
battle axe's picture

Hammy you are joking, you must be to say something that stupid. Oh by the way you might need a napkin to wipe away his jizz on your face...

Tue, 02/28/2012 - 17:58 | 2205812 LowProfile
LowProfile's picture

More like a roll of paper towels.

Better get some adult diapers for the other end while he's at it.

Tue, 02/28/2012 - 17:21 | 2205636 optimator
optimator's picture

No....the doctor didn't say he was important, he said he was impotent.

Tue, 02/28/2012 - 19:15 | 2206110 fourchan
fourchan's picture

consolodation worked for madoff why not the ppt.

Tue, 02/28/2012 - 19:29 | 2206128 swani
swani's picture

HamyWanger 

I hope that you are as successful a chick magnet as Brian Sack or at least have enough cash to keep paying for hookers to pretend they are turned on by you. Either way, you sound like a big fan of deep pockets, maybe you are some kind of hooker yourself. 

Wed, 02/29/2012 - 12:00 | 2208077 SAT 800
SAT 800's picture

cf. the photo of Dear Brian, above; "would you buy a used car from this man"?.  I didn't think so.

Wed, 02/29/2012 - 14:18 | 2208866 SunnyDD
SunnyDD's picture

Hehe, Buy what they wanna to buy.

The min we hang'em.

We own'em all. hahaha.

Tue, 02/28/2012 - 16:21 | 2205331 Buckaroo Banzai
Buckaroo Banzai's picture

Why the fuck are all the street numbers of Fed-related buildings 33?

Oh, wait. I know why.

Tue, 02/28/2012 - 17:06 | 2205572 CvlDobd
CvlDobd's picture

Sounds interesting and I'm feeling dense today.

Could you explain thanks.

Tue, 02/28/2012 - 17:05 | 2205575 Conrad Murray
Conrad Murray's picture

I don't. Care to share?

Tue, 02/28/2012 - 17:46 | 2205752 TruthInSunshine
TruthInSunshine's picture

itanimulli

 

bitchez

Tue, 02/28/2012 - 21:37 | 2206435 Buckaroo Banzai
Buckaroo Banzai's picture

C'mon guys. 33 is a key number of the Egyptian Mystery School/Masons/Illuminati.

You gotta understand this stuff if you want to understand anything about what is going on in places that matter.

Wed, 02/29/2012 - 08:50 | 2207375 francis_sawyer
francis_sawyer's picture

So 'Groundhog Day' is the 33rd day of the calendar year... That must mean something...

Tue, 02/28/2012 - 16:20 | 2205332 JW n FL
JW n FL's picture

 

These Numbers are GOOD! for Americas Health!

Bad Numbers Equal a Healthy America!

Embrace Your Physical Health and Enjoy the Down Numbers!

 

Bloomberg Television's Shannon Pettypiece: Healthy Recession?

http://www.youtube.com/watch?v=2zRCX9kLm-Y&feature=g-all-u&context=G2082bfdFAAAAAAAAAAA

 

Tue, 02/28/2012 - 16:28 | 2205366 Moneyswirth
Moneyswirth's picture

You'd never see propaganda pieces like this during the Bush years.  Why doesnt the media just collectively change their name to Pravda West and get it over with.

Tue, 02/28/2012 - 17:59 | 2205821 LowProfile
LowProfile's picture

Poverty is good for you.  Didn't you know that?  It's all part of Ms. O's plan to save the obese chilluns.

Tue, 02/28/2012 - 20:17 | 2206244 Zero Govt
Zero Govt's picture

the NY Fed are either "supporting the regeneration of Manhattan" or buying at the 2nd peak before the 2nd coming of the US property collapse

New York as a financial centre is soon to be toast

the Fed should make excellent bag carriers of the remains

Tue, 02/28/2012 - 22:02 | 2206493 UP Forester
UP Forester's picture

Maybe they're buying it to store all their paper documents, and are going to appoint Larry Silverstein as "property manager."

 

Might not be far off, I saw that shitbag flipping through the channels this afternoon, so something is probably up.

Wed, 02/29/2012 - 12:15 | 2208177 SAT 800
SAT 800's picture

And this is the part that they anounced! In other words this is pre-vetted and guaranteed to slip right down the old memory hole. Nice.

Tue, 02/28/2012 - 16:23 | 2205341 monopoly
monopoly's picture

I do not fucking believe this. What a crock of shit. And ultimately, whose money is buying this? Makes me sick.

Tue, 02/28/2012 - 16:25 | 2205354 dwdollar
dwdollar's picture

Don't you love all those young smug faces?

Tue, 02/28/2012 - 17:04 | 2205565 optimator
optimator's picture

Find the Token Black in the picture.

Tue, 02/28/2012 - 17:14 | 2205609 Transformer
Transformer's picture

He's over on the far right back of the room.  Glad to be in there with all those white MFer's.

Tue, 02/28/2012 - 17:31 | 2205693 optimator
optimator's picture

I see him now, the guy near the window.

Tue, 02/28/2012 - 18:02 | 2205832 LowProfile
LowProfile's picture

Actually, there's two black dudes, what look like two more but are probably south Asian, and one chick with a headscarf.

Tue, 02/28/2012 - 18:11 | 2205863 Blue Horshoe Lo...
Blue Horshoe Loves Annacott Steel's picture

Wait.  Are U saying that white people control things?

I actually hear people say that now that we have a black president (actually half black), that blacks control the government! When Obama took office, I was actually told black people voted him in in a plan to finally get reparations & that soon all black people would have a few hundred grand deposited into their accounts.  My reply was, "Well then I'm black now too!"

Many racists blame the crashing economy completely on black people & illegal aliens, even though they make up what, 2% of politicians?

Then, I hear some black people blaming all the criticism of Obama on only racism.

This blindness on both sides helps prevent anyone like Ron Paul from winning.  

When Martin Luther King, Jr. figured out that getting poor & middle class minorities together with the same in the white population would be an unstoppable force, he was conveniently assassinated a few weeks later.

Tue, 02/28/2012 - 16:32 | 2205383 TruthInSunshine
TruthInSunshine's picture

Are you guys saying that William Dudley has a highly inflated ego, tantamount to narcissism, and that he and his cohorts at The Non-Federal Reserveless Non-Bank are criminals of the highest magnitude?

Because that's what I hear you saying...

Tue, 02/28/2012 - 17:21 | 2205632 JW n FL
JW n FL's picture

 

 

Federal Reserve Earnings verse Federal Reserve Loans to the United States of America

 

1.    How much does the Federal Reserve Bank Earn in Interest Payments? From anyone other than the United States of America.

 

Federal Reserve $15 Trillion Dollars in Loans Bloomberg

 

Loans from 3 / 9 / 2008 to 3 / 9 / 2009 totaling $15,760,004,161,955.00

 

https://docs.google.com/spreadsheet/ccc?key=0Aq7CIo3B6RWfdDlTRWk5SnVOTUp1bG4wMXdPMnV2SUE#gid=0 

 

Getting Bigger

Instead, the Fed and its secret financing helped America’s biggest financial firms get bigger and go on to pay employees as much as they did at the height of the housing bubble.

Total ** assets ** held by the six biggest U.S. banks increased 39 percent to $9.5 trillion on Sept. 30, 2011, from $6.8 trillion on the same day in 2006, according to Fed data

**  http://www.ffiec.gov/nicpubweb/nicweb/Top50Form.aspx **

 

 

The Fed’s Secret Liquidity Lifelines

http://www.bloomberg.com/data-visualization/federal-reserve-emergency-lending/#/overview/?sort=nomPeakValue&group=none&view=peak&position=0&comparelist=&search=

 

 

 

2.    Who are those Monies Participated Out too? That the Federal Reserve Bank Collected?

  Who owns the Federal Reserve?

The Federal Reserve System fulfills its public mission as an independent entity within government. It is not "owned" by anyone and is not a private, profit-making institution.

As the nation's central bank, the Federal Reserve derives its authority from the Congress of the United States. It is considered an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding appropriated by the Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms.

However, the Federal Reserve is subject to oversight by the Congress, which often reviews the Federal Reserve's activities and can alter its responsibilities by statute. Therefore, the Federal Reserve can be more accurately described as "independent within the government" rather than "independent of government."

The 12 regional Federal Reserve Banks, which were established by the Congress as the operating arms of the nation's central banking system, are organized similarly to private corporations--possibly leading to some confusion about "ownership." For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.

http://www.federalreserve.gov/faqs/about_14986.htm

 

 

So! The question stands.. if the Federal Reserve is collecting .25% interest on $100 Trillion Dollars a Month.. Where Does ALL!! That Money Go?!?!?!?!?!

6% here.. 6% there.. Participated Out to the Shareholders.. into their Federal Reserve Bank Accounts.

 

Tue, 02/28/2012 - 18:19 | 2205893 Badabing
Badabing's picture

"The stock may not be sold, traded, or pledged as security for a loan"

Can the Fed stock be handed down to a inbred son?

Tue, 02/28/2012 - 19:06 | 2206067 JW n FL
JW n FL's picture

 

 

offshore, irrevocable trust.

Tue, 02/28/2012 - 16:23 | 2205342 peekcrackers
peekcrackers's picture

FED up with the bull-SHIT!

Tue, 02/28/2012 - 16:24 | 2205346 Moneyswirth
Moneyswirth's picture

"It's ok to come out everyone.  That was no iceberg.  Just remain calm and go back to your regularly scheduled distractions"

--Capt. John Smith, HMS Titanic, 1912

Tue, 02/28/2012 - 16:29 | 2205364 HamyWanger
HamyWanger's picture

Well, you can't make an omelet without breaking eggs

If having a bit more inflation every year means securing the future of Americans and their children, and avoiding to send poor souls on the street after their repo mortgage has defaulted, then I'm OK with that. 

I don't know why the Federal Reserve System and the honourable Dr. Ben Bernanke did not think about this earlier: directly supporting the housing market instead of the stock market. 

Tue, 02/28/2012 - 16:57 | 2205414 JPM Hater001
JPM Hater001's picture

Yes but the deal sucks when you are the fucking egg.

Wed, 02/29/2012 - 12:12 | 2208153 SAT 800
SAT 800's picture

LOL. Or as they remind us in the Bible, it depends on whose Ox is getting gored. funny.

Tue, 02/28/2012 - 16:43 | 2205438 Moneyswirth
Moneyswirth's picture

Yes, because government intervention in the real estate market has worked so well. 

/sarc

Tue, 02/28/2012 - 17:05 | 2205570 peekcrackers
peekcrackers's picture

sure budy.....and this is your brain on drugs

Tue, 02/28/2012 - 17:39 | 2205725 Clowns on Acid
Clowns on Acid's picture

Yo Hamy...did you ever think that the reason that the "strawman family" you put forward, defaulted on their mortgae was because of Fed Gov't policies?

ZIRP policies have placed real estate prices in a bubble. People feel they have to BUY NJOW (as every feckin' prostituting re broker exclaims) as prices are running away from their ability toi finance the mortgage...so they "buy" with a no doc loan and 5% down.

When the economy slows....guess whta happens Hamy ? Bubble bursts, perhaps they lose job or take lower paying job....

Think theu the issues before letting your Obama side of brain speak.

 

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