State Street Corp, a Boston-based financial services holding company, is one of the oldest financial institutions in the U.S.. This multi-national corporation became the largest security services firm in the world in 2003 – even larger than JP Morgan and The Bank of New York Mellon.
Excerpts from: Bloomberg Nov 28, 2011
“Unlike banks that drew liquidity from the Federal Reserve in 2008 out of desperation, Boston-based State Street Corp. initially did so for profit. State Street, the third-largest U.S. custody bank, collected $75.6 million as a middleman for the Fed’s Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, or AMLF. Under the program, it borrowed from the Fed to buy securities from money-market funds, helping them meet customer redemptions while being indemnified against losses on the securities.
By October 2008, State Street had joined peers in tapping the Term Auction Facility and Commercial Paper Funding Facility, emergency-liquidity programs. On March 31, 2009, its total borrowings from the TAF and CPFF reached $18.5 billion, about the amount its excess liquidity fell that year.”
Peak amount of debt on 10/1/2008 : $77.8 billion
U.S. citizens deserve nothing less than to be granted the same access to liquidity that was provided by the Federal Reserve to major domestic and foreign banking interests during the credit crisis of 2007 – 2010.
The Fed transfused major banks like State Street with hundreds of billions of dollars in liquidity through various credit facilities like the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF), the Term Auction Facility (TAF) and the Commercial Paper Funding Facility to restore them to ‘financial health.’
U.S. citizens also deserve to be restored to ‘financial health’ through a new credit facility, the U.S. Citizens Credit Facility.
U.S. citizens deserve the same chance to eliminate debt and regain financial stability.
The Leviticus 25 Plan is a comprehensive, dynamic economic acceleration plan that establishes equal access for citizens.
It is the most powerful economic growth generator in the world, and it pays for itself over a 15-year period.
The Leviticus 25 Plan 2018 – $75,000 per U.S. citizen