Tag: NY Fed

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Article: These Are the Banks that Own the New York Fed and Its Money Button

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These Are the Banks that Own the New York Fed and Its Money Button

Pam Martens, Russ Martens

Wall Street on Parade, 20 November 2019

The New York Fed has now pumped out upwards of $3 trillion in a period of 63 days to unnamed trading houses on Wall Street to ease a liquidity crisis that has yet to be credibly explained. In addition, it has launched a new asset purchase program, buying up $60 billion each month in U.S. Treasury bills. Based on the continuing escalation of its plans, it appears to be testing the limits of what the public will tolerate. We thought it was time to answer the question: who exactly owns the New York Fed and its magical money spigot that can pump trillions of dollars into Wall Street at the press of a button.

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Article: The Bare, Naked Truth About The Federal Reserve’s Socialist Agenda

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The Bare, Naked Truth About The Federal Reserve’s Socialist Agenda

Shah Gilani

Money Morning, 11 December 2012

The top line story, according to the FDIC’s latest Quarterly Banking Review, is that the majority of U.S. banks are in better shape today than they have been in years.

The untold story is that when the Federal Reserve is done transitioning the United States from capitalism to socialism, the few dozen banks that remain in America will all be profitable until they need bailing out again, but will never die and live on in infamy.

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Article: Bank of America: Bondholders’ Naked Play for a “Do-Over” on Mortgages

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Bank of America: Bondholders’ Naked Play for a “Do-Over” on Mortgages

Marion Maneker

CBS, 20 October 2010

Yesterday’s Bank of America (BAC) bond scare was an interesting reminder of just how much of a mess the foreclosure crisis really is. It may not be the same kind of swoon we experienced two years ago, but the vulnerabilities created by the shoddy mortgage origination and servicing industry will probably haunt the financial system for years to come — like war reparations.

It took a while for the financial world to sort out the meaning of the letter PIMCO, Blackstone and the New York Federal Reserve Bank sent to Bank of America yesterday asking that $47 billion in bonds be “put back” to the bank because of deficient servicing by Countrywide, the Bank of America subsidiary that originated the loans. The markets and the journalistic community can be forgiven for over-reacting.

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