New York Fed’s Secret Choice to Pay for Swaps Hits Taxpayers (link only)

10/27/09

[TigerLikesRooster]

http://www.bloomberg.com/apps/news?pid=20601109&sid=a7T5HaOgYHpE

[TigerLikesRooster]

Ping!

[khnyny]

Jefrey Immelt, Obama’s buddy, is on the Board of Directors of the New York Fed.

Immelt is also on Obama’s Economic Recovery Advisory Board.

[Wolfie]

Goldman Sachs gets paid in full. Always.

[dennisw]

One reason par was paid was because some counterparties insisted on being paid in full and the New York Fed did not want to negotiate separate deals, says a person close to the transaction. “Some of those banks needed 100 cents on the dollar or they risked failure,” Vickrey says.

Screw those parasites
They should have been given 30 cents on the dollar and told to GTFO before we change our minds

[iopscusa]

Unfrigginbelievable! This must not stand, Paulson, Geithner, GS, NYFed, FRS, Obama, Bush, etal need to be hung at dawn!

[dervish]

“Friedman’s role remains controversial. In December 2008, weeks after the payments to the banks were authorized in November, Friedman bought 37,300 shares of Goldman stock at $80.78 a share, according to SEC filings. On Jan. 22, he bought 15,300 more at $66.61.

Both purchases took place before the payments to Goldman Sachs were publicly disclosed “

That is real insider trading.

But the SEC never goes after the real offenders.

[Pelham]

You just couldn’t make up a story more infuriating than the truth regarding Goldman Sachs in this wholesale theft of taxpayer money. The fact that peasants with pitchforks aren’t storming Goldman is one of life’s great injustices.