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:


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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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).


hedgeless_horseman's picture



There is no Brian, only Zuul.

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. 

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...

I think I need to buy a gun's picture

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

JPM Hater001's picture

Cronkite would have covered it.

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

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! 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!

SAT 800's picture

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

LowProfile's picture


economics1996's picture

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

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...

LowProfile's picture

More like a roll of paper towels.

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

optimator's picture

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

fourchan's picture

consolodation worked for madoff why not the ppt.

swani's picture


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. 

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.

SunnyDD's picture

Hehe, Buy what they wanna to buy.

The min we hang'em.

We own'em all. hahaha.

Buckaroo Banzai's picture

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

Oh, wait. I know why.

CvlDobd's picture

Sounds interesting and I'm feeling dense today.

Could you explain thanks.

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.

francis_sawyer's picture

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

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?


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.

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.

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

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.

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.

monopoly's picture

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

dwdollar's picture

Don't you love all those young smug faces?

optimator's picture

Find the Token Black in the picture.

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.

optimator's picture

I see him now, the guy near the window.

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.

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.

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...

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 


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

** **



The Fed’s Secret Liquidity Lifelines




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.



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.


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?

JW n FL's picture



offshore, irrevocable trust.

peekcrackers's picture

FED up with the bull-SHIT!

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

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. 

JPM Hater001's picture

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

SAT 800's picture

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

Moneyswirth's picture

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


peekcrackers's picture

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

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 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.