From the FDIC website here’s Federal Reserve Statistical Release H 4.1 that includes information on Maiden Lane LLC, the holding company that was the conduit for the acquisition of Bear Stearns by JP Morgan and for the management of its assets.
For Release at
4:30 P.M. Eastern time
July 3, 2008
The Board’s H.4.1 statistical release, “Factors Affecting Reserve Balances
of Depository Institutions and Condition Statement of Federal Reserve Banks,”
has been modified to include information related to Maiden Lane LLC, a
limited liability company formed to facilitate the arrangements associated
with JPMorgan Chase Co.’s acquisition of Bear Stearns Companies, Inc.
On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit
to Maiden Lane LLC under the authority of section 13(3) of the Federal Reserve
Act. This limited liability company was formed to acquire certain assets of
Bear Stearns and to manage those assets through time to maximize repayment of
the credit extended and to minimize disruption to financial markets. Payments
by Maiden Lane LLC from the proceeds of the net portfolio holdings will be
made in the following order: operating expenses of the LLC, principal due to
the FRBNY, interest due to the FRBNY, principal due to JPMorgan Chase Co.,
and interest due to JPMorgan Chase Co. Any remaining funds will be paid to
the FRBNY….”
Oh, I get it…it all makes sense now…
It is for this reason why things should not have been rushed through. None of this is for the better and can make sense with the people running or advising it. Like Sarah Palin can understand any of this?!!!
The inside moves will be shown in a few decades as to how the people of the United States were fleeced of their diminished and hard earned tax dollars. Their pensions were “saved” only to be pissed away through their tax liabilities. The worst corporation in the world is the United States. It continually loses money and its debt load grows. What sane person would actually buy the stock if it were available?!…Why can’t someone who knows about business and people, I mean a real CEO, ever come to be President. Why do we get soccer moms, and POW’s that think they know it all. This is just sad…
When can this nightmare end and I wake up to the smell of fresh flowers and a daylight of fairness and prosperity shine through the window.
This rediculous campaign and economic conspiracy play of the Repugnicant party has simply showed the rest of the world how much of a lemming mentality this country is. We are truly the laughing stock of the rest of the world of global citizens with internet or television access.
This is simply sad…very sad…
And I’m an optimist!!!
Well – one thing that makes me feel good is how much awareness there is – at least among the bloggers and traders – about what’s going on. I don’t see any mincing of words there. The post I am about to put up just comes out and calls Paulson a traitor (an economic one, at any rate). Reich was on TV in the morning called it extortion.
And Newt Gingrich called it un American – a phrase I’ve never liked but you wouldn’t think the head honco of capitalism (as we have it) would do something that would have made Fidel Castro blush.
But there is a lot of outrage and analysis. They’d better watch every move because people are analyzing it.