Bloomberg’s Bob Ivry discovered, through an FOIA request, that the Federal Reserve had been running a “secretive bailout operation between March and December 2008, under which banks borrowed as much as $855 billion over the time frame for a rate as low as 0.01%.”
The Fed subsequently disclosed: “The Federal Reserve System conducted a series of single-tranche term repurchase agreements from March 2008 to December 2008 with the intention of mitigating heightened stress in funding markets.
These operations were conducted by the Federal Reserve Bank of New York with primary dealers as counterparties…this program helped to address liquidity pressures evident across a number of financing markets and supported the flow of credit to U.S. households and business.” (Source: ZeroHedge 07/06/2011 – Fed Releases Details On Secret $855
The 5 heaviest borrowers were foreign banks – raking in a cool $593 billion: Credit Suisse, Deutsche Bank, BNP Paribas, RBS and Barclays.
UBS Securities, LLC ($56.9 billion) was #6 on the list.
#7 Goldman Sachs received $53.4 billion – much of it borrowed at a rate of .01% (one basis point).
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The Fed ‘created’ various funding facilities during the financial crisis to bailout Wall Street’s financial market:
Term Auction Facility (TAF)
Commercial Paper Funding Facility (CPFF)
Primary Dealer’s Credit Facility (PDCF)
Term Securities Lending Facility (TSLF)
Asset-backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF)
Wall Street financial institutions also received massive liquidity transfusions at the Fed’s Discount Window (DW).
The one the Fed tried hard to keep out of the spotlight involved the “secret” single-tranche OMO’s – through which they ‘ladled out’ a whopping $855 billion.
Again, the Fed deemed this necessary to mitigate the “heightened stress in funding markets” (translation: Wall Street’s leveraged speculation strategies got broad-sided by the great mortgage market default wave, and funding markets ‘seized up’).
In the Fed’s own words, the secret ST OMO program “helped to address liquidity pressures evident across a number of financing markets and supported the flow of credit to U.S. households and business” (translation: the biggest and mightiest financial institutions on Wall Street had suddenly developed gaping capital holes… many were on the verge of ‘going under’… and they needed a liquidity lifeline to survive).
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It is now time to “mitigate heightened stress” and to “address liquidity pressures” being experienced by American families.
The Leviticus 25 Plan is a dynamic economic initiative providing direct liquidity benefits for American families, while at the same time scaling back the role of government in managing and controlling the affairs of citizens. It is a comprehensive plan with long-term economic and social benefits for citizens and government.
The inspiration for this plan is based upon Biblical principles set forth in the Book of Leviticus, principles tendering direct economic liberties to the people.
The Leviticus 25 Plan 2015 – $70,000 per U.S. citizen The Leviticus 25 Plan 2015 (833)