[MY COMMENTARY ON THIS ARTICLE FROM WALL STREET ON PARADE]
By Pam Martens and Russ Martens: June 22, 2020 ~
https://wallstreetonparade.com/2020/06/340-billion-of-the-454-billion-that-mnuchin-was-to-turn-over-to-the-fed-is-unaccounted-for/
By Pam Martens and Russ Martens: June 22, 2020 ~
https://wallstreetonparade.com/2020/06/340-billion-of-the-454-billion-that-mnuchin-was-to-turn-over-to-the-fed-is-unaccounted-for/
 | U.S. Treasury Secretary |
President Donald Trump [CHUMP] has been sacking federal watchdogs [WHO WON'T PLAY BALL] at the speed of a bullet train. In just a six-week period in April and May, the President fired five Inspectors General of federal agencies. [AND INSERT YES MEN WHO PLAY BALL] In last Friday night’s coup d’état, Attorney General William Barr, acting as consigliere [NICE CHOICE OF WORDS] for the President, ousted the U.S. Attorney for the Southern District of New York, the federal prosecutor that oversees prosecutions of Wall Street banks in that district. The privately owned Federal Reserve Bank of New York, which is in charge of the bulk of the Fed’s bailout programs, also resides in that district.
Barr and the President want to put a man with zero experience as a prosecutor in charge of that office, [OH THAT’S NOT SUSPICIOUS AT ALL] Jay Clayton, who currently heads the Securities and Exchange Commission which has only civil enforcement powers. Clayton represented 8 of the 10 largest Wall Street banks [HOW CONVIENENT, NOTHING TO SEE THERE] in the three years before going to the SEC as a partner at Sullivan & Cromwell.
Unfortunately, watchdogs and prosecutors are what American citizens need the most right now [AND THEY WILL MAKE SURE NO SUCH PEOPLE CAN BE FOUND ANYWHERE] as vast sums of money are unaccounted for at both the Treasury and Federal Reserve.
The stimulus bill known as the CARES Act was signed into law by the [DUTIFUL IDIOT] President on March 27, 2020. It called for “Not more than the sum of $454,000,000,000…shall be available to make loans and loan guarantees to, and other investments in, programs or facilities established by the Board of Governors of the Federal Reserve System [AKA THE FOXES IN THE HENHOUSE] for the purpose of providing liquidity [AKA AN OCEAN OF CASH] to the financial system that supports lending to eligible businesses, [OUR LITTLE MINIONS] States, or municipalities.” [AKA THEIR OVERLORDS] In addition, if the Treasury had any of its $46 billion left over that Congress had allotted in the CARES Act to assist airlines or national security businesses, that was to be turned over to the Fed as well. [TO FINANCE THE HOOKERS AND BLOW PETTY CASH FUND]
The CARES Act was passed almost three months ago at the outset of the worst economic upheaval since the Great Depression. One would have thought that the urgency with which Congress acted to pass the legislation would have resulted in rapid deployment of the $454 billion to the Fed to help shore up the economy. [DID IT? NO.]
But according to data released this past Thursday by the Federal Reserve, the Treasury has turned over just $114 billion of the $454 billion that was allocated to the Fed by Congress. The Federal Reserve’s weekly balance sheet data release, known as the H.4.1, showed a line item titled “Treasury contributions to credit facilities” and it showed a balance of just $114 billion. [SO IN SIMPLE ENGLISH THE FED GAVE MASSIVE 1.14 TRILLION DOLLARS OF LENDING POWER... TO WHO EXACTLY?] A footnote on the H.4.1 explained exactly which Fed bailout programs had received the money from the Treasury:
[HERE'S THE LIST THEY GAVE AND NO, YOU HAVE NEVER HEARD OF ANY OF THESE PEOPLE]
“Amount of equity investments in Commercial Paper Funding Facility II LLC of $10 billion, Corporate Credit Facilities LLC of $37.5 billion, MS [Main Street] Facilities LLC of $37.5 billion, Municipal Liquidity Facility LLC of $17.5 billion, and TALF II LLC of $10 billion, and credit protection in the Money Market Mutual Fund Liquidity Facility of $1.5 billion.”
Barr and the President want to put a man with zero experience as a prosecutor in charge of that office, [OH THAT’S NOT SUSPICIOUS AT ALL] Jay Clayton, who currently heads the Securities and Exchange Commission which has only civil enforcement powers. Clayton represented 8 of the 10 largest Wall Street banks [HOW CONVIENENT, NOTHING TO SEE THERE] in the three years before going to the SEC as a partner at Sullivan & Cromwell.
Unfortunately, watchdogs and prosecutors are what American citizens need the most right now [AND THEY WILL MAKE SURE NO SUCH PEOPLE CAN BE FOUND ANYWHERE] as vast sums of money are unaccounted for at both the Treasury and Federal Reserve.
The stimulus bill known as the CARES Act was signed into law by the [DUTIFUL IDIOT] President on March 27, 2020. It called for “Not more than the sum of $454,000,000,000…shall be available to make loans and loan guarantees to, and other investments in, programs or facilities established by the Board of Governors of the Federal Reserve System [AKA THE FOXES IN THE HENHOUSE] for the purpose of providing liquidity [AKA AN OCEAN OF CASH] to the financial system that supports lending to eligible businesses, [OUR LITTLE MINIONS] States, or municipalities.” [AKA THEIR OVERLORDS] In addition, if the Treasury had any of its $46 billion left over that Congress had allotted in the CARES Act to assist airlines or national security businesses, that was to be turned over to the Fed as well. [TO FINANCE THE HOOKERS AND BLOW PETTY CASH FUND]
The CARES Act was passed almost three months ago at the outset of the worst economic upheaval since the Great Depression. One would have thought that the urgency with which Congress acted to pass the legislation would have resulted in rapid deployment of the $454 billion to the Fed to help shore up the economy. [DID IT? NO.]
But according to data released this past Thursday by the Federal Reserve, the Treasury has turned over just $114 billion of the $454 billion that was allocated to the Fed by Congress. The Federal Reserve’s weekly balance sheet data release, known as the H.4.1, showed a line item titled “Treasury contributions to credit facilities” and it showed a balance of just $114 billion. [SO IN SIMPLE ENGLISH THE FED GAVE MASSIVE 1.14 TRILLION DOLLARS OF LENDING POWER... TO WHO EXACTLY?] A footnote on the H.4.1 explained exactly which Fed bailout programs had received the money from the Treasury:
[HERE'S THE LIST THEY GAVE AND NO, YOU HAVE NEVER HEARD OF ANY OF THESE PEOPLE]
“Amount of equity investments in Commercial Paper Funding Facility II LLC of $10 billion, Corporate Credit Facilities LLC of $37.5 billion, MS [Main Street] Facilities LLC of $37.5 billion, Municipal Liquidity Facility LLC of $17.5 billion, and TALF II LLC of $10 billion, and credit protection in the Money Market Mutual Fund Liquidity Facility of $1.5 billion.”
That leaves $340 billion of the $454 billion unaccounted for. [THAT'S 74% OF THE MONEY!]
The President’s economic advisor, [CHIEF SPIN DOCTOR] Larry Kudlow, explained at a press briefing before the signing of the legislation, why the Fed was to get this vast sum of money. The money would be used as equity investments [MEANING THEY USE IT TO BUY UP THE STOCK MARKET] by the Fed in Special Purpose Vehicles that would use the money as “loss absorbing capital,” meaning that taxpayers would eat the first $454 billion in losses. [ACTUALLY MEANING THEY BUY EVERYTHING THAT IS FAILING, BECAUSE IT IS FAILING, AND ITS FAILING BECAUSE OF THE PHONY CORONA HOAX] The Fed would then be free to leverage this money up by a factor of 10 to create $4.54 trillion in bailout programs.
[IN CASE YOU ARE STILL NOT GETTING IT, IF YOU WERE THE FED WHAT YOU JUST DID WAS FOLLOW RIGHT BEHIND THE GOV'T WHO BACKED A BUNCH OF UNELECTED HEALTH BURECRATS WHO USED A BUNCH OF TERRIBLE SCIENCE TO SUPPORT A RIDICULOUS PLAUGE STORY AND CRASHED THE MARKET DELIBERATELY TO DEVALUE EVERYTHING IN IT, THEN YOU PRINTED ENOUGH MONEY TO BUY IT ALL UP, THEN YOU NULLIFIED EVERY INSIDER TRADING LAW THAT PROHIBITS THIS WITH 'EMERGENCY POWERS' AND JUSTIFIED THAT ON THE BACK OF THIS COMPLETELY GINNED UP HEALTH SCARE.]
 | [CONGRATULATIONS. YOU TURNED LEAD INTO GOLD!] |
Fed Chairman Powell made an unprecedented appearance on the Today show on March 26 and explained [ADMITTED] the plan like this:
Powell: “In certain circumstances like the present, we do have the ability to essentially use our emergency lending authorities and the only limit on that will be how much backstop we get from the Treasury Department. We’re required [PFFT…REQUIRED…] to get full security for our loans so that we don’t lose money. [ITS CALLED COLLATERAL ASSHOLE, YOU ARE A PREDATORY LENDER THAT REPOSSESSES BUSINESSES WHO CANNOT PAY YOU BACK. SO WHEN YOU BECOME THE DEFACTO NEW OWNER OF ALL THOSE ASSETS YOU ARE JUST FOLLOWING THE RULES AND ITS ALL FAIR AND LEGAL RIGHT?] So the Treasury [A GANGSTER] puts up money as we [PLAYING THE ROLE OF THE GANSTERS VIG] estimate what the losses might be… Effectively $1 of loss absorption of backstop from Treasury is enough to support $10 of loans.” [THIS IS A FEDERAL SPORTS BETTING PARLOR THAT SPOTS MONEY TO BROKE GAMBLERS UP TO 10 TIMES WHAT THEY ONLY WISH THEY HAD TO GAMBLE WITH, AND THEN TELLS THEM WHAT FIXED EVENTS ARE GUARANTEED TO WIN.]
[IF THIS WERE ANY MORE CROOKED IT WOULD BE A CIRCLE! OH WAIT … WE COVERED THIS ALREADY.]
Powell: “In certain circumstances like the present, we do have the ability to essentially use our emergency lending authorities and the only limit on that will be how much backstop we get from the Treasury Department. We’re required [PFFT…REQUIRED…] to get full security for our loans so that we don’t lose money. [ITS CALLED COLLATERAL ASSHOLE, YOU ARE A PREDATORY LENDER THAT REPOSSESSES BUSINESSES WHO CANNOT PAY YOU BACK. SO WHEN YOU BECOME THE DEFACTO NEW OWNER OF ALL THOSE ASSETS YOU ARE JUST FOLLOWING THE RULES AND ITS ALL FAIR AND LEGAL RIGHT?] So the Treasury [A GANGSTER] puts up money as we [PLAYING THE ROLE OF THE GANSTERS VIG] estimate what the losses might be… Effectively $1 of loss absorption of backstop from Treasury is enough to support $10 of loans.” [THIS IS A FEDERAL SPORTS BETTING PARLOR THAT SPOTS MONEY TO BROKE GAMBLERS UP TO 10 TIMES WHAT THEY ONLY WISH THEY HAD TO GAMBLE WITH, AND THEN TELLS THEM WHAT FIXED EVENTS ARE GUARANTEED TO WIN.]
[IF THIS WERE ANY MORE CROOKED IT WOULD BE A CIRCLE! OH WAIT … WE COVERED THIS ALREADY.]
The writers of the CARES Act legislation apparently expected that the Fed might want to keep some of its money transactions a secret [YA THINK?] because Section 4009 of the CARES Act suspends the Freedom of Information Act for the Fed and allows it to conduct its meetings in secret [HOW CONVIENENT] until the President [THE DON. MAN, THEY EVEN GOT THE NAME RIGHT.] says the coronavirus national emergency is over. [THIS AIN'T OVER, TRUST ME. IT'S "TOO BIG TO FAIL".]
Both Powell and the Fed’s Vice Chairman for Supervision, [THE FEDS ENFORCER] Randal Quarles, have repeatedly stated to [A DEAF] Congress in hearings that the recipients of these bailout programs would be transparent to the American people. [BUT AS USUAL, THEY LIED] Last Tuesday and Wednesday, [INSTEAD…] Fed Chairman Powell made his semi-annual appearances before the Senate Banking and House Financial Services Committee. He stated the following to both Committees regarding the Fed’s emergency bailout facilities:
“Many [BUT OBVIOUSLY NOT ALL] of these facilities have been supported by funding from the CARES Act. We will be disclosing, [ONCE ITS TOO LATE TO DO ANYTHING ABOUT IT] on a monthly basis, names and details of participants in each such facility; amounts borrowed and interest rate charged; and overall costs, revenues, and fees for each facility. [IN OTHER WORDS, HOW THEY RANK IN TERMS OF IMPORTANCE TO US] We embrace our responsibility to the American people to be as transparent as possible, BUT WE CLEARLY PUT OUR OWN INTERESTS AHEAD OF THEM] and we appreciate that the need for transparency is heightened [BECAUSE IT MAKES ALL THIS THEFT POSSIBLE] when we are called upon to use our emergency powers.” [SOMEBODY CALL DC COMICS, WE HAVE A NEW SCRIPT FOR LEX LUTHOR]
Both Powell and the Fed’s Vice Chairman for Supervision, [THE FEDS ENFORCER] Randal Quarles, have repeatedly stated to [A DEAF] Congress in hearings that the recipients of these bailout programs would be transparent to the American people. [BUT AS USUAL, THEY LIED] Last Tuesday and Wednesday, [INSTEAD…] Fed Chairman Powell made his semi-annual appearances before the Senate Banking and House Financial Services Committee. He stated the following to both Committees regarding the Fed’s emergency bailout facilities:
“Many [BUT OBVIOUSLY NOT ALL] of these facilities have been supported by funding from the CARES Act. We will be disclosing, [ONCE ITS TOO LATE TO DO ANYTHING ABOUT IT] on a monthly basis, names and details of participants in each such facility; amounts borrowed and interest rate charged; and overall costs, revenues, and fees for each facility. [IN OTHER WORDS, HOW THEY RANK IN TERMS OF IMPORTANCE TO US] We embrace our responsibility to the American people to be as transparent as possible, BUT WE CLEARLY PUT OUR OWN INTERESTS AHEAD OF THEM] and we appreciate that the need for transparency is heightened [BECAUSE IT MAKES ALL THIS THEFT POSSIBLE] when we are called upon to use our emergency powers.” [SOMEBODY CALL DC COMICS, WE HAVE A NEW SCRIPT FOR LEX LUTHOR]
But this is the Fed’s web page that shows the disclosures being made to Congress under the facilities that the Fed has designated as emergency lending facilities under Section 13(3) of the Federal Reserve Act. There are 11 programs listed. Just three of the programs, or 27 percent of the total, have provided the actual transaction data showing specific loans to specific recipients.
[SO THEY LIED! WHERES THE OTHER EIGHT?]
Those programs [THE THREE THEY DID LIST] are the Secondary Market Corporation Credit Facility, which has spent the bulk of its money buying up Exchange Traded Funds [STOCK MARKET ROBBER BARRONS] sponsored by BlackRock, [NOT WHITE ROCK] the investment manager that the Fed hired to oversee the program; the Municipal Liquidity Facility which has made just one loan of $1.2 billion to the state of Illinois [WHOSE GOVERNOR, J.B PRITZKER, DECLARED HIS STATE A COVID DISASTER AREA SO HE COULD CASH IN ON THE SCAM-DEMIC] because the terms are so onerous in this program that is supposed to be helping state and local governments survive the pandemic shutdowns; and the Paycheck Protection Program Liquidity Facility, which provided $5.3 billion or 9 percent of its total outlays to a tiny New Jersey Bank [THE FEDS 'LITTLE DARLING', (A 'NOTHING' BANK WITH PRACTICALLY NO CUSTOMERS), THAT COVERS THE COKE BUDGET] that has been cited by the Federal Deposit Insurance Corporation for “unsafe or unsound banking practices.” [BEST OF THE BEST]
[SO THEY LIED! WHERES THE OTHER EIGHT?]
Those programs [THE THREE THEY DID LIST] are the Secondary Market Corporation Credit Facility, which has spent the bulk of its money buying up Exchange Traded Funds [STOCK MARKET ROBBER BARRONS] sponsored by BlackRock, [NOT WHITE ROCK] the investment manager that the Fed hired to oversee the program; the Municipal Liquidity Facility which has made just one loan of $1.2 billion to the state of Illinois [WHOSE GOVERNOR, J.B PRITZKER, DECLARED HIS STATE A COVID DISASTER AREA SO HE COULD CASH IN ON THE SCAM-DEMIC] because the terms are so onerous in this program that is supposed to be helping state and local governments survive the pandemic shutdowns; and the Paycheck Protection Program Liquidity Facility, which provided $5.3 billion or 9 percent of its total outlays to a tiny New Jersey Bank [THE FEDS 'LITTLE DARLING', (A 'NOTHING' BANK WITH PRACTICALLY NO CUSTOMERS), THAT COVERS THE COKE BUDGET] that has been cited by the Federal Deposit Insurance Corporation for “unsafe or unsound banking practices.” [BEST OF THE BEST]
But this list of 11 bailout facilities that the Fed is operating is hardly the full picture. On September 17, 2019 the Fed began making hundreds of billions of dollars a week in super low cost repo loans to the trading units of Wall Street’s mega banks. Those loans are ongoing and are currently being made at an interest rate of just 1/10th of one percent interest. [HAVE YOU EVER GOTTEN A LOAN AT .01% INTEREST? PROBABLY NOT WITHOUT A PEDOPHILIA CONTROL FILE ON THE BANK'S PRESIDENT!] Since September of last year, the Fed has made more than $9 trillion cumulatively in these loans. It has not announced one scintilla of information on what specific Wall Street firms have received this money or how much they individually received. [MEH… WHO CARES RIGHT? ITS NOT IMPORTANT AT ALL.]
The Fed has also made multiple loans through its Discount Window to Wall Street banks. [THIS IS USED BY BANKS THAT ARE FUCKING UP AND FAILING BECAUSE THEY ARE LENDING MORE THAN THEY HAVE AND THEY USE IT BECAUSE NOBODY ELSE WILL COVER THEM] The Fed has not released the names of these banks [FILTHY MISTRESSES] or how much they needed to borrow [STEAL]. The Fed has yet to explain how it can continuously be telling the American people that the Wall Street banks are “well capitalized” [WELL LEVERAGED] while it needs to continue to make these lender-of-last-resort loans.
The Federal Reserve has also set up a liquidity facility to make massive foreign central bank dollar swaps to create liquidity for those central banks to buy dollar-denominated assets and help prop up markets. [HEY WHY STOP NOW, THIS SHIT IS GREAT, LETS GO GLOBAL.] Last Thursday’s H.4.1 shows the dollar swap facility has a current balance of $352 billion. The facility’s balance had been as high as $449 billion as of May 27.
The Federal Reserve has also set up a liquidity facility to make massive foreign central bank dollar swaps to create liquidity for those central banks to buy dollar-denominated assets and help prop up markets. [HEY WHY STOP NOW, THIS SHIT IS GREAT, LETS GO GLOBAL.] Last Thursday’s H.4.1 shows the dollar swap facility has a current balance of $352 billion. The facility’s balance had been as high as $449 billion as of May 27.
According to the Government Accountability Office’s audit of the Fed that was conducted after the 2008 financial crisis, this is one of the uses of those dollar swap lines back then:
“In October 2008, according to Federal Reserve Board staff, the Federal Reserve Board allowed the Swiss National Bank [the central bank of Switzerland] to use dollars under its swap line agreement [AH THE SWISS, KNOWN THE WORLD OVER FOR KEEPING THEIR YAPS SHUT] to provide special assistance [AN OFFER THEY CAN'T REFUSE] to UBS, a large Swiss banking organization. Specifically, on October 16, 2008, the Swiss National Bank announced that it would use dollars obtained through its swap line with FRBNY [Federal Reserve Bank of New York] to help fund an SPV [Special Purpose Vehicle] [THAT’S THE LIMO THEY TAKE TO THE PARTY IN THE CAYMANS] it would create to purchase up to $60 billion of illiquid assets from UBS.” [IT’S A FANCY LIMO.]
UBS is a major investment bank and trading house and a major player on Wall Street. It purchased the large U.S. retail brokerage firm, PaineWebber, in 2000. The UBS Dark Pool, [NOT A STRANGE NAME AT ALL.] the equivalent of a thinly regulated stock exchange operating internally within UBS, has been one of the largest traders [MONEY LAUNDERERS] in Wall Street bank stocks.
The Federal Reserve Board of Governors has put [ITS HEAD CAPO] the New York Fed in charge of the bulk of these bailout programs. Its conflicts are legion. (See related articles below.) It’s time for Congress [AHEM, YOU MEAN THEIR COMPLICIT ENABLING BFF'S ON THE HILL?] to stop the Fed from repeating its Big Lie that it’s going out of its way to be transparent and force it to cough up the names and dollars amounts of the recipients of these loans.
[SO WE CAN WHAT? IGNORE THEM AS WELL?]
UBS is a major investment bank and trading house and a major player on Wall Street. It purchased the large U.S. retail brokerage firm, PaineWebber, in 2000. The UBS Dark Pool, [NOT A STRANGE NAME AT ALL.] the equivalent of a thinly regulated stock exchange operating internally within UBS, has been one of the largest traders [MONEY LAUNDERERS] in Wall Street bank stocks.
The Federal Reserve Board of Governors has put [ITS HEAD CAPO] the New York Fed in charge of the bulk of these bailout programs. Its conflicts are legion. (See related articles below.) It’s time for Congress [AHEM, YOU MEAN THEIR COMPLICIT ENABLING BFF'S ON THE HILL?] to stop the Fed from repeating its Big Lie that it’s going out of its way to be transparent and force it to cough up the names and dollars amounts of the recipients of these loans.
[SO WE CAN WHAT? IGNORE THEM AS WELL?]
Related Articles:
These Are the Banks that Own the New York Fed and Its Money Button
Is the New York Fed Too Deeply Conflicted to Regulate Wall Street?
The New York Fed Is Exercising Powers Never Bestowed on It by any Law
Instead of Draining the Swamp, the Swamp Is Draining the U.S. Treasury via the New York Fed
The Man Who Advises the New York Fed Says It and Other Central Banks Are “Fueling a Ponzi Market”
These Are the Banks that Own the New York Fed and Its Money Button
Is the New York Fed Too Deeply Conflicted to Regulate Wall Street?
The New York Fed Is Exercising Powers Never Bestowed on It by any Law
Instead of Draining the Swamp, the Swamp Is Draining the U.S. Treasury via the New York Fed
The Man Who Advises the New York Fed Says It and Other Central Banks Are “Fueling a Ponzi Market”
HAD ENOUGH YET?
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