A Look back…
Guggenheim Partners, LLC provides various forms of investment and financial services across the U.S., Europe and Asia.
Guggenheim ‘tapped’ into some serious liquidity from the Federal Reserve during peak periods of the great financial crisis (2007-2010).
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Bloomberg Nov 28, 2011 – Excerpts:
As chief executive officer of Bear Stearns Cos. in 2008, Alan Schwartz tapped the Federal Reserve for as much as $30 billion of emergency cash to float the New York-based brokerage until it could be acquired by JPMorgan Chase & Co.
By June 2009, he was CEO of closely held Guggenheim Partners LLC, whose special purpose financing affiliates borrowed as much as $16.4 billion from the Fed’s Commercial Paper Funding Facility. Liberty Hampshire Co., a Guggenheim unit, sponsored asset-backed commercial paper conduits, which removed mortgage securities and other assets from companies’ balance sheets and provided cheap financing. Such conduits were among “shadow banks” that helped inflate pre-crisis asset bubbles, according to a July 2010 Federal Reserve Bank of New York report.
Peak Amount of Debt on 12/10/2008: $16.4B
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Guggenheim Partners, LLC received their Fed liquidity transfusions through Commercial Paper Funding Facility, one of the many credit facilities created by the Fed to rescue companies that had rolled the dice with leveraged speculation – and lost.
These secret Fed liquidity transfusions came with a price. They represented a ‘draw’ on the purchasing power of the future earnings of millions of hard-working, tax-paying American families.
U.S. citizens are fully and justifiably deserving of that very same direct access to liquidity – through a U.S. Citizens’ Credit Facility, flowing from the Fed through the U.S. Treasury Department, and then directly on to qualifying U.S. citizen families, voluntarily choosing to participate.
The Leviticus 25 Plan – An Economic Acceleration Plan for America
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