The Daily Bail

This show on the House floor from Alan Grayson was one of the most entertaining bailout clips of the past 4 years. All the details are at this link:

New York Fed Website - Maiden Lane Transaction History

Here were the facts at the time:

"A good portion of Red Roof's remaining $407 million in debt, held on lenders' balance sheets and intended for later securitization, landed with the Federal Reserve via Bear Stearns. The Fed holds $444 million total in Red Roof Inn debt through its Maiden Lane I vehicle."

Grayson quotes:

"Let's find out once and for all who owns the hotels, who owns the houses, and let's try and put this wild beast that creates money out of nothing and jams it in the pockets of special interests like Maiden Lane, like Bear Stearns, like JPMorgan, like all their friends. Let's put them under some degree of restraint before it all comes crashing down, on us."

“I want to congratulate the gentleman and, in fact, everyone in America, because you now own a hotel chain. Congratulations! It’s this one, right here [pointing to poster board]. You own the Red Roof Inn.

Now, I know what you’re thinking. You’re thinking, ‘that’s funny, I don’t remember buying the Red Roof Inn,’ but the Federal Reserve Bank, in it’s wisdom, has done it for you. The Federal Reserve Bank has seen to it that you have the pleasure of ownership of this delightful chain of hotels that extends from sea to shining sea. You, America, you are now the owners of the Red Roof Inn chain. Congratulations!”

"The Federal Reserve became the sucker of last resort. And in doing so, the Federal Reserve made you -- you, America! -- the sucker of last resort."

“You’ll have enough to put a hotel on Marvin Gardens, on Park Place, and probably on Boardwalk, too! You’ll own all the hotels in America, and isn’t that something?”