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New York Fed Buys Building Housing Plunge Protection Team
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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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.
Brian Sack = American Psycho
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.
What Hamy is saying is....
...that he'd hit it:
http://investletters.com/blog/wp-content/uploads/2011/03/new-york-fed-pr...
"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 assume this is the lead story on world news tonight this evening?
Cronkite would have covered it.
But the story is as dead to the MSM as he is.
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!
Everything before the "and" is also a lie. Just sayin.
OMG A GIANT WEASEL QUICK KILL IT WITH FIRE
How many more days does Brian Sack have? OWS will get him sooner, or later.
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...
More like a roll of paper towels.
Better get some adult diapers for the other end while he's at it.
No....the doctor didn't say he was important, he said he was impotent.
consolodation worked for madoff why not the ppt.
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.
cf. the photo of Dear Brian, above; "would you buy a used car from this man"?. I didn't think so.
Hehe, Buy what they wanna to buy.
The min we hang'em.
We own'em all. hahaha.
Why the fuck are all the street numbers of Fed-related buildings 33?
Oh, wait. I know why.
Sounds interesting and I'm feeling dense today.
Could you explain thanks.
I don't. Care to share?
itanimulli
bitchez
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.
So 'Groundhog Day' is the 33rd day of the calendar year... That must mean something...
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
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.
Poverty is good for you. Didn't you know that? It's all part of Ms. O's plan to save the obese chilluns.
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
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.
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.
I do not fucking believe this. What a crock of shit. And ultimately, whose money is buying this? Makes me sick.
Don't you love all those young smug faces?
Find the Token Black in the picture.
He's over on the far right back of the room. Glad to be in there with all those white MFer's.
I see him now, the guy near the window.
Actually, there's two black dudes, what look like two more but are probably south Asian, and one chick with a headscarf.
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.
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...
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.
"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?
offshore, irrevocable trust.
FED up with the bull-SHIT!
"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
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.
Yes but the deal sucks when you are the fucking egg.
LOL. Or as they remind us in the Bible, it depends on whose Ox is getting gored. funny.
Yes, because government intervention in the real estate market has worked so well.
/sarc
sure budy.....and this is your brain on drugs
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.
Yes Hamy, isn't the 'honourable' Bubble Ben doing so well with all his programs.. they're going so well QE1 needed QE-Lite which needed QE2 which needed QE-Twist and QE-Back-Doors
..and why not indeed 'solve' the US housing problem.. afterall wasn't it The Fed that created the problem?
..wasn't it Bubble Ben himself who couldn't see a problem, said there wouldn't be a problem and has spent the last 4 years covering up the problem???
..has that shot right over your head Hamy?
Earth to Hamy, come in Hamy!!
Now someone can burn it down without hurting any innocents, right? Oh, wait - they'll just build another and charge us double. That's what always kept me from doing things like that.
9/11 anyone?
And after the Fed is through with the building, it can be converted into a mosque...
No, they will always worship fiat in that building.
Must be nice to walk across the room and just print out your mortgage payment every month....
They'll own everyting pretty soon and we'll own a lot of debt. Great
If The Federal Reserve were a hedge fund, given the composition (compost-ition) of its balance sheet, that would be something.
you forgot to mention the secret passage to goldman sachs so they can have conversations without having to recod those pesky phone contacts and have them in secret. after all dudley needs to get his marching orders from somewhere.
You raise an incredibly smart point.
The Federal Reserve should have bought 200 West Street, instead, for 666% over FMV, and subleased space to Goldman.
if anyone can't read the article here about the PPT here it is
http://www.fasesdelabolsa.net/2009/11/brian-sack-engineers-big-moves-at-...
That picture looks like typical Govt workers, two or three people actually doing something with dozens more standing around, watching.
I'm betting it's an all CASH purchase. The Fed is buying high speed dryers for all those fresh Franklins.
And let me guess..Maiden & Nausea's new CEO will be none other then Jon Corzine.. No really, you can't make this shit up.
I just love the made up corporations that "run" the buildings. Without ever actually having any employees, or ever selling a product, I'm sure they will have $50 billion or more on the books within days of incorporation. Why do they all have Nassau in the name for some reason, or other vacation getaways?
You got to love having the ability to print any amount of money you need to buy virtually anything.
Tell me again how Brian Sack is any different from a guy with 500 inkjets in his basement printing $100 bills?
Instead of shooting up schools, why can't these dumb kids shoot up Fed banks? If you're going to throw your life away at least do it in a way that can have some value to society.
Yes we need smarter desperate people.
from tyler link, the fed tells us common folk all about the great things they do for us:
In addition, the Federal Reserve System has important roles in operating the nation's payments systems, protecting consumers' rights in their dealings with banks and promoting community development and reinvestment.
Not a gold standard, but a Ph. D. standard.
(not my quote, it's from what's his name again?)
The decision to purchase the building was based on a comprehensive financial analysis.
Hey, Duddley! How many Benjamins is $207.5?
I bet I know where they got the money to buy it.
They cudda bought the White Hous.........ah, but they already own it.
LOL, the name of the room in the photo is the Dudley boot-licking room.
This is what happens when you have all these aspiring Dudley/Bernanke wantabes in one room. Dudley and Bernanke need somone to constantly boost their egos. Dudley yells out in the background: "Buy everything up boys and girls on the list!! We have unlimited printed printed money!"
They think they're buying the bottom of the market huh?
security
I'll bet the photo wasn't taken on a Saturday.
destined to be transcribed as 'giant belly laugh' at next Fed meeting.
I mean absolutely NOTHING!...Get's past MY MAIN MAN!!
One eye open, ear to the wind and sniffing, constantly!
I say, we need an MY MAIN MAN DAY and REALLY spoil the fella!...Right?
Who's got that suggestion box?
Let's buy some more, it won't cost a cent and may lift the real estate markets.
I keep looking at the photo but I can't find the guy with his finger on the button.
Look at the photo, way, way in the back, is that Steve Lies man?
Call the fuck'n police on them. Lock those fuckers up. Life in prison for market manipulaters. Call the FBI. They need to be arrested. Call your politicians let them know what is going on down there. Don't let the perverts get away with it.
Ken Griffin needs a visit from Sirhan Sirhan. I hate a fucking cheat.
The entire game is now rigged. I'm not playing --even on the side of evil.
I'm afraid to post what I really think
I’ve been saying all along that the underlying reason for the mortgage market boom and bust was to create opportunities for the uber wealthy to purchase real assets for pennies on the dollar. And what better example of a buyer of that ilk than one with the ability to print as many dollars as they need from thin air.
B of A's office building in Atlanta went into foreclosure too. It sold at auction for about half what the defaulting landlord paid B of A for it back in 2006. I’m surprised B of A didn’t try to buy it back, but, they probably didn’t have the cash for a down payment. Either that or they’re going to wait for the next round, knowing the price is going even lower.
Meanwhile, I hope the new landlord jacks up their rent.
Remember Building 7
Does this count as an insider buy?
Calling all CEO's calling all CEO's control of your corporation has been delegated to PPT. You might consider taking it off the market.
(hint) Now.
Let me take a guess where they got the money to buy the building?
How people put up with the scam of some people being able to create money out of nothing while everyone else has to get a job is beyond me. A central bank is the greatest scam in the history of mankind.
107 tonnes of greek gold. What is its real price if markets were not munipulated?
So this is like really big. Here we have an entity, probably GS in association with an intelligence agency, that has just taken control of all the companies in the US.
Fucking WOW.
Chalk one up for the NWO.
chuppacuubra322's post from another thread via the miracle of cut and paste-
"Most people are not aware of it, but when the IMF, and the World Bank received their charters from the United Nations in 1945, to do business on the world stage, that they were immediately appointed by the United Nations International Bankruptcy Court, to be the "receivers" to the the bankrupt "United States Corporation" which had began another 70 year cycle of "International Bankruptcy" in 1929 after the historical "Stock Market Crash"... The "New Deal" implemented by FDR shortly after that was the "renegotiation" and "restructuring" of that bankruptcy, whereby all gold in circulation was confiscated and turned over to our creditors, and the "Legal Tender" laws were changed to eliminate the use of gold and silver as the constitutionally authorized negotiable instruments for paying "all debts, public and private", and to usher in the use of the Federal Reserve debt notes that we use today, which is the property of our creditors, to be used in compliance with those bankruptcy proceedings as the negotiable instruments for paying all debts public and private, until our debts are paid in full in compliance with our bankruptcy.
Until 1945, our "creditors", the "Commonwealth of England" who's agents at the time were the "Bank of England", and the "Bank of International Settlements", were acting and interacting directly with the Treasury Secretary of the United States and the Federal Reserve to resolve all debt issues with regard to taking possession of "all properties and assets" of the "debtor", the "United States Corporation"... The challenge was, how do you take possession of something that you know will cause a full scale war between the "creditor" and the "debtor"... The answer, you separate and distance yourself as the "creditor" by appointing "receivers" in the bankruptcy process who are responsible as "independent bodies" to see to it that the "debtor" complies with "scheduled liquidations" of those same "properties and assets" over the 70 year cycle until the "debt" is paid in full... with this process, you give the "debtor" a change to redeem his honor, and liberate himself from his indebtedness without risking all out war for attempting to seize "all properties and assets" from the "debtor".
The slight of hand that was deployed in all this is that the World Bank, and the IMF, are "Satellite Corporations" of the Bank of England, and the Bank of International Settlements respectively, and they are acting in conflict of interest of International Law by pretending to appoint "independent bodies" who supposedly have "no skin in the game" and who will supposedly do things in the best interest of both parties... As a result, we all have come to know now, that we have been sacked by these rat bastards by the endless game of "perpetual indebtedness" in order to secure for themselves an infinite "gravy train" of wealth and enrichment on the backs of a people who are to ignorant to figure out that they've been had. "
"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."
And just yesterday it was 111.7 tons of greek gold. I wonder who got the 4.7 tons?
The Federal Reserve Bank of New York today announced the sale of the remaining securities in the Maiden Lane II LLC portfolio. The New York Fed’s management of the ML II portfolio will result in full repayment of the $19.5 billion loan extended by the New York Fed to ML II and generate a net gain for the benefit of the public of approximately $2.8 billion, including $580 million in accrued interest on the loan.
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
Neighbors might consider rooftop anti-aircraft batteries. And check dumpsters regularly for thermate wrappers.
Not implying anything. Just sayin'...
yeah so i hear you have to own the building before you can properly rig it with explosives for demolition in the event that someone might want to look at what's inside.
And don't forget to call AIG and have it insured to the hilt. just sayin.
Are they preparing for a shit storm?