Merrill Lynch & Co: #11 Recipient of Fed’s “Secret Liquidity Lifelines”

Federal Reserve emergency lending – Merrill Lynch & Co.

Bloomberg  Nov 28, 2011

Excerpt:

Merrill Lynch & Co.‘s stock surged 30 percent after the New York-based securities firm announced an agreement to sell itself to Bank of America Corp. in September 2008. The deal didn’t stop the firm’s liquidity from shrinking by about $27 billion in three days that month, according to internal Federal Reserve Bank of New York documents. In the ensuing weeks, the firm drew as much as $62.1 billion from the Federal Reserve’s Primary Dealer Credit Facility, Term Securities Lending Facility and single-tranche open market operations. After the takeover closed on Jan. 1, 2009, Charlotte, North Carolina-based Bank of America let Merrill’s Fed loans roll off while increasing its own liquidity draws from the central bank.”

Peak amount of debt on 09/26/2008:  $62.1B

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Merrill Lynch engaged in a high-stakes leveraged speculation gambit which blew up when the subprime default wave hit and the mortgage backed securities (MBS) warehoused on their balance sheet plunged in value. They were subsequently rescued by the Fed.

Additional background information on some of the investment practices engaged in by ML over several years immediately preceding the $62.1B secret bailout:

DealBook-NYTimes reported on January 25, 2011:  “Merrill Lynch Settles S.E.C. Fraud Case”

Merrill Lynch “agreed to pay $10 million on Tuesday to settle fraud accusations by securities regulators.”

“The Securities and Exchange Commission had accused Merrill of fraud, saying that the firm misused private information from its customers to place trades on its own behalf and that the firm repeatedly charged its customers trading fees without their knowledge.”

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The Leviticus 25 Plan provides a mechanism for U.S. citizens to be granted the same access to liquidity that was provided to Merrill Lynch and numerous other global financial heavyweights at the height of the financial crisis.

 

A Big Picture Review – The 2007-2010 Financial Crisis. It is now time to level the playing field: The Leviticus 25 Plan.

The banking crisis intensified in 2008 when the subprime default wave exploded across the financial landscape. Major U.S. and foreign financial institutions shifted into high gear with leveraged speculation and undercapitalized hedging strategies. They gambled and lost. And many of them ended up with gaping capital holes in their balance sheets.

The U.S. Treasury Department quickly activated its Troubled Asset Relief Program (TARP) to recapitalize the very institutions that had precipitated the crisis with their high-stakes subprime gambling binge.  Treasury bought equity stakes in those institutions and further helped them to erase billions of dollars worth of toxic debt from their balance sheets.

Federal Reserve also ran quickly to the rescue with its “secret liquidity lifelines” (Bloomberg 8-22-11).  The Fed substantially eased some important collateral rules for banks, “meaning that banks that could once borrow only against sound collateral, like Treasury bills or AAA-rated corporate bonds, could now borrow against pretty much anything – including some of the mortgage-backed sewage that got us into this mess in the first place….  ‘All of a sudden, banks were allowed to post absolute [expletive deleted] to the Fed’s balance sheet,’ [according to] the manager of the prominent hedge fund.” (Source: Bailout Hustle, Matt Taibbi).

The Federal Reserve created various funding “facilities” to fire-hose liquidity out to the big banks and big brokerage firms:

Primary Dealers’ Credit Facility                                            

Term Securities Lending Facility                                                          

Temporary Liquidity Guarantee Program                                      

Commercial Paper Funding Facility                                               

Term Auction Facility                                                              

Public Private Investment Program

As referenced previously, the top recipient: Morgan Stanley  

Morgan Stanley, facing a crisis of confidence after the fall of Lehman Brothers Holdings Inc., got a $9 billion injection from Japanese bank Mitsubishi UFJ Financial Group Inc. and agreed to take a $10 billion bailout from the U.S. Treasury to shore up capital. As hedge-fund customers pulled funds out of the New York-based firm, it plugged the hole with $107.3 billion of secret loans from the Federal Reserve’s Primary Dealer Credit Facility and Term Securities Lending Facility, set up earlier in the year to supply brokerage firms with emergency financing.”

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The Leviticus 25 Plan does not seek to ‘interrupt’ or reverse any of the special relationships that have developed in the Fed’s financial sphere.  It only seeks to level the playing field – by providing U.S. citizens the same access to direct liquidity flows that  the big banks enjoyed ‘in their time of need.’

The Leviticus 25 Plan proposes one additional upgrade to the Fed’s liquidity lines:  U.S. Citizens Credit Facility.

U.S. citizens should demand nothing less. The time is now.

The Leviticus 25 Plan 2018 –  $75,000 per U.S. citizen

The Leviticus 25 Plan 2018 (2613)

Barclays Plc: #10 Recipient of Fed’s “Secret Liquidity Lifelines”

Barclays Plc, a major multinational banking and financial services company headquartered in London, was a “Top 10” recipient of the U.S. Federal Reserve’s emergency lending liquidity transfusions to rescue major U.S. and foreign banks and insurers.

Excerpts from  Bloomberg  Nov 28, 2011:                                        

“There was not a direct subsidy to Barclays” from governments during the financial crisis, Chief Executive Officer Robert Diamond told a U.K. House of Commons hearing in London on June 8, 2011. While the company avoided taking government capital, it was more accepting of emergency cash from the U.S. Federal Reserve. Data show that the London-based bank borrowed $64.9 billion from the Fed on Dec. 4, 2008, more than two months after it agreed to buy the North American unit of Lehman Brothers Holdings Inc. in a bankruptcy auction. The London-based bank was still borrowing more than $40 billion from the Fed as late as June 2009, nine months after the Lehman deal closed. Sarah MacDonald, a Barclays spokeswoman, declined to say whether the bank also got liquidity from the Bank of England.

Peak amount of debt on 12/4/2008: $64.9B                                 ____________________________

Barclays and numerous other major financial institutions were financially resuscitated with hundreds of billion of dollars generously provided by the Federal Reserve subprime meltdown 2007-2010.

U.S. citizens now deserve to also be granted the same direct access to liquidity from the Federal Reserve, via a U.S. Citizens Credit Facility.

The Leviticus 25 Plan revitalizes financial stability for American families, reduces dependence on government, pays for itself over a 10-15 year period, and generates trillion dollar federal budget surpluses annually over the first five years.

The Leviticus 25 Plan 2018 –  $75,000 per U.S. citizen

The Leviticus 25 Plan 2018 (2612)

Dijsselbloem: “We used taxpayer money to bail out the banks.”

Jeroen Dijsselbloem has been a major player in European financial circles.  A Dutch politician, Dijsselbloem became President of the Eurogroup, comprised of the finance ministers of the Eurozone, in January 2013 and served in that capacity until just recently.

He offered a frank admission just last month about the naked, taxpayer-financed bailout of major banks.

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Dijsselbloem Admits “We Used Taxpayers’ Money To Bailout The Banks”

ZeroHedge, Nov 10, 2017:  Excerpts:

“We had a banking crisis, a fiscal crisis and we spent lot of the tax-payers’ money – in the wrong way, in my opinion – to save the banks” outgoing Eurogroup head Jeroen Dijsselbloem said adding “so that the people criticizing us and saying that everything was being done for the benefit of the banks were to some extent right.”

“This is valid for the banks of all our countries. Everywhere in Europe banks were saved at taxpayers’ cost,” he underlined.

“This was the reason for banking union and the introduction of higher standards, better supervision and a reform and rescue framework when banks have losses,” he said stressing  “precisely so that we don’t find ourselves in that situation again.”

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Again…:  “This is valid for the banks of all our countries. Everywhere in Europe banks were saved at taxpayers’ cost.”

Exactly the same in the U.S.

Fine. The Fed did what it had to do.

Now it is time to level the playing field by granting equal access to liquidity for U.S. citizens.

If taxpayer money can be used to bailout the very institutions which precipitated the financial crisis, then taxpayer money can be used to restore the financial health of the taxpayers.

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 2018 –  $75,000 per U.S. citizen

The Leviticus 25 Plan 2018 (2610)

Deutsche Bank AG: #9 Recipient of Fed’s “Secret Liquidity Lifelines”

Even foreign banking interests, with U.S. subsidiaries, enjoyed massive liquidity infusions to help them deal with their faltering financial conditions and debt burdens during the great financial crisis 2007-2010.

Excerpts fromBloomberg  Nov 28, 2011:    

Deutsche Bank AG, Germany’s biggest bank, navigated the financial crisis without capital injections from the German government. The Frankfurt-based bank, which in 2008 reported its first annual loss since World War II, wasn’t so shy about getting liquidity in secret from the U.S. Federal Reserve. The lender tapped the Fed for $66 billion on Nov. 6, 2008 — $28.2 billion from the Term Securities Lending Facility, $21.8 billion from single-tranche open market operations and $16 billion from the Term Auction Facility. John Gallagher, a Deutsche Bank spokesman, declined to say whether the bank took emergency loans during the crisis from other central banks, such as Germany’s Bundesbank.”

Peak amount of debt held on 11-6-2008:  $66B  

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U.S. citizens deserve nothing less than to be granted the same access to liquidity (their own money) that was provided to Wall Street’s financial sector – including foreign banks, like Deutsche Bank, during the financial crisis.

Deutsche Bank tapped into tens of billions of dollars from the Term Securities Lending Facility (TSLF), single-tranche open market operations (STOMO), and theTerm Auction Facility (TAF).

It is now time for the U.S. Federal Reserve to create one additional lending facility, a Citizens Credit Facility (CCF), to provide direct access to liquidity for U.S. citizens – to successfully manage their own financial challenges and reduce debt at the family level.

The Leviticus 25 Plan 2018 –  $75,000 per U.S. citizen

The Leviticus 25 Plan 2018 (2609)

 

JPMorgan Chase: #8 Recipient of Fed’s “Secret Liquidity Lifelines”

Bloomberg Uncovers the Fed’s Secret Liquidity Lifelines | Bloomberg LP

Aug 22, 2011

“The U.S. Federal Reserve mounted an unprecedented campaign to head off a depression by providing as much as $1.2 trillion in public money to banks and other companies from August 2007 through April 2010.  The emergency loans were intended to help recipients cope with cash shortfalls and keep credit markets from grinding to a halt.  Bloomberg News sorted through more than 29,000 pages of previously secret documents and Fed spreadsheets detailing more than 21,000 loans to compile a database showing which companies got the emergency liquidity, and when.”

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Bloomberg Aug 22, 2011 – The #8 Recipient:

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon has touted a “fortress balance sheet” that helped his bank survive the crisis better than rivals. “The markets were always open to us,” Dimon wrote in a letter to shareholders in March 2010.

Data show the New York-based bank got Federal Reserve liquidity after its March 2008 acquisition of Bear Stearns Cos. and in early 2009 as debt markets froze. In February and March 2009, JPMorgan borrowed $48 billion from the Fed’s Term Auction Facility, as executives said liquidity was “strong.” In the March 2010 letter, Dimon said JPMorgan loaned as much as $70 billion to other banks after Lehman Brother’s failure and bought “a net $250 billion of securities” to help facilitate market liquidity. The Fed loans became public in late 2010.”

Peak amount of debt on 10/1/2008:  $68.6 billion

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Wall Street’s financial institutions engaged in high-risk gambling with their leveraged speculation strategies during 2004-2007.  They rolled the dice and lost big.

The U.S. Federal Reserve the ran to the rescue with a massive ‘public money’ bailout scheme – to help the Wall Street’s financial behemoths regain their ‘financial health.’

It is now time to grant U.S. citizens the same direct access to liquidity that was provided to the likes of JP Morgan, Goldman Sachs, State Street, Citigroup, Bank of America, Morgan Stanley… and dozens of others.

It is time to level the playing field, and here is the only economic acceleration plan anywhere that can make it happen:

The Leviticus 25 Plan 2018 –  $75,000 per U.S. citizen

The Leviticus 25 Plan 2018 (2602)

DiMartino Booth: “Fear” at the Fed… Global Credit Bomb. Solution: The Leviticus 25 Plan

Danielle DiMartino Booth – Fed insider, founder of Money Strong, LLC, an economic consulting firm. Began career in New York at Donaldson, Lufkin & Jenrette and Credit Suisse, specializing in fixed income and the public and private equity markets. Financial columnist at the Dallas Morning News, then nine years as an adviser to Richard Fisher at the Federal Reserve Bank of Dallas…

DiMartino Booth: “2017 is the record for quantitative easing (money printing) globally. We have never, not even in the darkest days of the financial crisis, central banks have never injected as much money as they have into the markets…”

Dark, swirling storm clouds are ‘out there’.. for a massive credit “unwind”…

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“It’s Global & It’s Viral” – DiMartino Booth Exposes The Fed’s Biggest Fear

Via Greg Hunter’s USA Watchdog blog,

ZeroHedge 11-23-17 – Excerpts:

Former Federal Reserve insider Danielle DiMartino Booth says the record high stock and bond prices make the Fed nervous because it’s fearful of popping this record high credit bubble. DiMartino Booth says,

“The Fed’s biggest fear is they know darn well this much credit has built up in the background, and the ramifications of the un-wind for what has happened since the great financial crisis is even greater than what happened in 2008 and 2009.

 

It’s global and pretty viral.  So, the Fed has good reason to be fearful of what’s going to happen when the baby boomer generation and the pension funds in this country take a third body blow since 2000, and that’s why they are so very, very intimidated by the financial markets and so fearful of a correction.”

Why will the Fed not allow even a small correction in the markets? DiMartino Booth:

“Look back to last year when Deutsche Bank took the markets to DEFCON 1.  Maybe you were paying attention and maybe you weren’t, but it certainly got the German government’s attention.  They said the checkbook is open, and we will do whatever we need to do because we can’t quantify what will happen when a major bank gets into a distressed situation.

 

I think what central banks worldwide fear is that there has been such a magnificent re-blowing of the credit bubble since 2007 and 2008 that they can’t tell you where the contagion is going to be.

 

So, they have this great fear of a 2% or 3% or 10 % (correction) and do not know what the daisy chain is going to look like and where the contagion is going to land.  It could be the Chinese bond market.  It could be Italian insolvent banks or it might be Deutsche Bank, or whether it might be small or midsize U.S. commercial lenders.  They can’t tell you where the systemic risk lies, and that’s where their fear is.  This credit bubble is of their making.”

In short, the Fed does not know what is going to happen, and according to DiMartino Booth, nobody does. DiMartino Booth contends:

“I don’t think any of us know what the implications are for a $50 trillion debt build since the great financial crisis (of 2008).

 

It is impossible to say.  We have never dealt with anything of this magnitude.”

On Bitcoin’s rapid rise in value, DiMartino Booth warns:

“To me, Bitcoin is a reflection of panic. It’s a reflection of people trying to get money into a safe place knowing the major governments of the developed world have got their printing presses running 24/7. 

 

It is a reflection of anxiety in fiat currencies and the fact it’s not practical to go back to a gold standard.  What scares me about Bitcoin is the central bankers are studying it to figure out how the blockchain works…

 

They are going to be controlling our spending with blockchain technology that is being perfected in the crypto currency universe.”

On gold and silver, DiMartino Booth says:

“2017 is the record for quantitative easing (money printing) globally. We have never, not even in the darkest days of the financial crisis, central banks have never injected as much money as they have into the markets…

 

I am not a gold bug, but we do know that in times of corrections that there is no place to hide in traditional asset classes that you can get at your Merrill Lynch brokerage. 

 

Gold and silver in the precious metals complex are the only places to hide and get true diversification and safety.”

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Again – DiMartino Booth: “I think what central banks worldwide fear is that there has been such a magnificent re-blowing of the credit bubble since 2007 and 2008 that they can’t tell you where the contagion is going to be.

Central Banks have blown another massive credit bubble, and it just a matter of time before ‘something’ triggers another tsunami-wave credit ‘unwind’… with another major credit crisis with millions of home foreclosures and millions of job losses.

It is time to ‘insulate’ American families from the brewing financial crisis with a massive debt elimination plan:

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 2018 –  $75,000 per U.S. citizen

The Leviticus 25 Plan 2018 (2598)

 

 

 

Household Debt Hits Record High. Fed Issues “Subprime Warning.”

America is drowning in debt.

Take note.

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The Fed Issues A Subprime Warning As Household Debt Hits A New All Time High

ZeroHedge, Nov 14, 2017 – Excerpts:

According to the just released latest quarterly household debt and credit report by the NY Fed, Americans’ debt rose to a new record high in the second quarter on the back of an increase in every form of debt: from mortgage, to auto, student and credit card debt.

Aggregate household debt increased for the 13th consecutive quarter, rising by $116 billion (0.9%) to a new all time high. As of September 30, 2017, total household indebtedness was $12.96 trillion, an increase of $605 billion from a year ago and equivalent to 66% of US GDP, versus a high of around 87% in early 2009. After years of deleveraging in the wake of the 2007-09 recession, household debt has risen more than 16.2% since the trough hit in the spring of 2013.

Some more big picture trends:

Mortgage balances, the largest component of household debt, increased again during the first quarter to $8.74 trillion, an increase of $52 billion from the second quarter of 2017.  Balances on home equity lines of credit (HELOC) have been slowly declining; they dropped by $4 billion and now stand at $448 billion.  Non-housing balances, which have been increasing steadily for nearly 6 years overall, saw a $68 billion increase in the third
quarter. Auto loans grew by $23 billion and credit card balances increased by $24 billion, while student loans saw a $13 billion increase.

  • Suggestive of a modest rebound in mortgage activity, mortgage originations in Q3 were $479 billion, up from $421 billion in Q2 if still below the $491 billion as of Q1. The Mortgage delinquency rate improved to 1.38% from 1.47% prior quarter.The number of household loans increased to 671.07 million.
  • Auto loan balances increased by $23 billion, continuing their 6-year trend.  Auto loan delinquency rates increased slightly, with 4.0% of auto loan balances 90 or more days delinquent on September 30. There was a total of $150.6 billion in auto loan originations in Q3, an uptick from the $148 billion in the second quarter of 2017, and among the highest quarterly volumes seen in the Fed’s data.

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Student Loans Owed and Securitized, Outstanding 2006-16

Student Debt

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Fed policies and U.S. government central-planning debt-based strategies have done nothing to set U.S. citizens back on sound financial footing.  The system is fragile.

It is time now to eliminate debt at ground level.

The Leviticus 25 Plan 2018 –  $75,000 per U.S. citizen

The Leviticus 25 Plan 2018 (2585)

The U.S. is leveraged-up, markets are ‘frothy.’ Financial chaos is on the horizon for Main Street America…

U.S. Household debt experienced a brief lull during 2009-2013, but has been on a steady increase over the past four years.

The U.S. Household debt balance recently rocketed up to a new record high of $12.96 trillion.

Global debt levels are sky-high.  U.S. and global financial markets are bulging badly with excessive valuations and leveraged risk profiles, and undoubtedly (once again) under-capitalized counter-parties in hedging arrangements.

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Maudlin – Thoughts from the Front Line, Nov 25, 2017

Credit Strategist Michael Lewitt:

Anyone questioning whether financial markets are in a bubble should consider what we witnessed in 2017:

• A painting (which may be fake) sold for $450 million.
• Bitcoin (which may be worthless) soared nearly 700% from $952 to ~$8000.
• The Bank of Japan and the European Central Bank bought $2 trillion of assets.
• Global debt rose above $225 trillion to more than 324% of global GDP.
• US corporations sold a record $1.75 trillion in bonds.
• European high-yield bonds traded at a yield under 2%.
• Argentina, a serial defaulter, sold 100-year bonds in an oversubscribed offer.
• Illinois, hopelessly insolvent, sold 3.75% bonds to bondholders fighting for allocations.
• Global stock market capitalization skyrocketed by $15 trillion to over $85 trillion and a record 113% of global GDP.
• The market cap of the FANGs increased by more than $1 trillion.
• S&P 500 volatility dropped to 50-year lows and Treasury volatility to 30-year lows.
• Money-losing Tesla Inc. sold 5% bonds with no covenants as it burned $4+ billion in cash and produced very few cars.

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The last economic crisis left American families reeling from the financial turmoil with 8.7 million jobs lost (Dec 2007 – 2010) and over 12 million home foreclosures,

U.S. needs a plan to insulate American families from the chaos that will accompany the next financial storm, and that means a powerful debt elimination plan for U.S. citizens:

The Leviticus 25 Plan 2018 –  $75,000 per U.S. citizen

The Leviticus 25 Plan 2018 (2585)

 

Goldman Sachs: #7 Recipient of Fed’s “Secret Liquidity Lifelines”

The Federal Reserve’s gargantuan emergency lending programs transfused dozens of global financial heavyweights with hundred of billions of dollars during the great financial crisis 2008-2012.

Next up:  #7 Goldman Sachs.

A look back: Matt Taibbi, Rolling Stone Feb 17, 2010

Excerpts:

“At the height of the housing boom, Goldman was selling billions in bundled mortgage-backed securities — often toxic crap of the no-money-down, no-identification-needed variety of home loan — to various institutional suckers like pensions and insurance companies, who frequently thought they were buying investment-grade instruments. At the same time, in a glaring example of the perverse incentives that existed and still exist, Goldman was also betting against those same sorts of securities — a practice that one government investigator compared to “selling a car with faulty brakes and then buying an insurance policy on the buyer of those cars.”

Goldman hedged its massive blind bet by purchasing from AIG a “virtually unregulated form of pseudo-insurance called credit-default swaps”  Goldman did not apparently concern itself with the fact that “AIG wasn’t required to [and didn’t] actually have the capital to pay off the deals.”

AIG had sold $440 billion of this ‘worthless crap’ to various bank (like Goldman)… a large portion of which the “taxpayer ended up having to eat.”

AIG was taken over by the government in September 2008, and instead of the normal course of bankruptcy-arbitration, the government saw to it that “Goldman was paid 100 cents on the dollar on an additional $12.9 billion it was owed by AIG…”

Less than one week after the massive AIG bailout, Goldman Sachs and Morgan Stanley were granted permission to become bank holding companies – will full access to borrowing funds, at very low interest rates, at the Fed Discount Window.

“Borrowing at zero percent interest, banks like Goldman now had virtually infinite ways to make money. In one of the most common maneuvers, they simply took the money they borrowed from the government at zero percent and lent it back to the government by buying Treasury bills that paid interest of three or four percent. It was basically a license to print money — no different than attaching an ATM to the side of the Federal Reserve.”

“You’re borrowing at zero, putting it out there at two or three percent, with hundreds of billions of dollars — man, you can make a lot of money that way,” according to one prominent hedge fund manager.

Goldman then tapped into “a new federal operation called the Temporary Liquidity Guarantee Program [which] let insolvent and near-insolvent banks dispense with their deservedly ruined credit profiles and borrow on a clean slate, with FDIC backing. Goldman borrowed $29 billion on the government’s good name, J.P. Morgan Chase $38 billion, and Bank of America $44 billion. “TLGP,” says Prins, the former Goldman manager, “was a big one.”

Bloomberg  Nov 28, 2011:  “On Sept. 21, 2008, a week after Lehman Brothers Holdings Inc. went bankrupt, Goldman Sachs Group Inc. converted to a bank holding company, gaining access to the Federal Reserve’s last-resort lending program for banks, the discount window. While it took only $50 million from the window, New York-based Goldman Sachs had been borrowing from the central bank for six months from two temporary programs for broker-dealers: the Term Securities Lending Facility and the single-tranche open market operations, or ST OMO. On Dec. 31, 2008, Goldman Sachs had $34.5 billion of loans from ST OMO, some of it at an interest rate of 0.01 percent.”

Peak Amount of debt as of 12-31-2008:  $69 billion

That hardly tells the full story, however.

Epilogue:  Goldman had also received a $10 billion TARP loan, but quickly paid it back, proudly exclaiming that “the firm does not require further capital” and the $10 billion can now be “used by the government to revitalize the economy, a priority in which we all have a common stake.”

“During the three months following Goldman’s re-payment of its $10 billion TARP loan, the Fed purchased $27 billion of MBS from Goldman.”

“In all, the Fed would purchase more than $100 billion of MBS from Goldman during the 12 months that followed Goldman’s TARP re-payment,” according to a Dec 15, 2010 Business Insider report.

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It is now time to re-balance the financial equation in America with a new credit facility, The Citizens Credit Facility, which grants U.S. citizens the same direct access to liquidity that was so generously provided to the likes of Goldman Sachs, Morgan Stanley, Citigroup, Bank of America, State Street, UBS, and many other domestic and foreign financial institutions.

Meet the most powerful economic acceleration plan in America:

The Leviticus 25 Plan 2018 –  $75,000 per U.S. citizen

The Leviticus 25 Plan 2018 (2582)