Wall Street Aristocracy Got $1.2 Trillion From Fed

[CARLHAYDEN]

Wall Street Aristocracy Got $1.2 Trillion From Fed

By Bradley Keoun and Phil Kuntz - Aug 22, 2011

The largest borrower, Morgan Stanley (MS), got as much as $107.3 billion, while Citigroup took $99.5 billion and Bank of America $91.4 billion, according to a Bloomberg News compilation of data obtained through Freedom of Information Act requests, months of litigation and an act of Congress.

Almost half of the Fed’s top 30 borrowers, measured by peak balances, were European firms.

http://www.bloomberg.com/news/2011-08-21/wall-street-aristocracy-got-1-2-trillion-in-fed-s-secret-loans.html

[King]

Which is why we shouldn't tax them, either, amirite CARL?

[CARLHAYDEN]

Which is why we shouldn't tax them, either, amirite CARL?

Where did you get the presumption (erroneous) that I oppose taxing megacorporations?!?

[CARLHAYDEN]

The Rescue That Missed Main Street

By GRETCHEN MORGENSON

Published: August 27, 2011

“If these rescues were intended to benefit everyday Americans, as Mr. Paulson contended, they have failed.”

http://www.nytimes.com/2011/08/28/business/economy/the-feds-rescue-missed-main-street.html

[opebo]

Wait these were just loans, not gifts, Carl.

[CARLHAYDEN]

Wait these were just loans, not gifts, Carl.

You REALLY should carefully read the New York Times article.

First, the so-called loans were made against inadequate (and potentially illegal) collateral.

Second, the return on investment was below market rates.

[opebo]

First, the so-called loans were made against inadequate (and potentially illegal) collateral.

Second, the return on investment was below market rates.

Actually I didn't read it at all, but if the loans had been collateralized and at market rates, then why would the Fed have been necessary?