Quantcast
Feeds: Email, RSS & Twitter

Get Our Videos By Email

 

8,300 Unique Visitors In The Past Day

 

Powered by Squarespace

 

Search The Archive Of 15,000 Videos

SEARCH THE DAILY BAIL

 

 

Hank Paulson Is A Criminal - Pass It On

"The Federal Reserve Is A Ponzi Scheme"


Get Our Videos By Email

THE FED UNDER FIRE: Must See Clip

Bernanke's Replacement: Happy Hour In Santa Cruz

Must See: National Debt Road Trip

"Of Course We're Not Going To  Payback the Chinese."

Dave Chappelle On White Collar Crime

Carlin: Wall Street Owns Washington

SLIDESHOW - Genius Signs From Irish IMF Protest

SLIDESHOW - Airport Security Cartoons - TSA

Most Recent Comments
Cartoons & Photos
SEARCH
« The Liberator: Test-Firing The World's First 3D-Printed Gun | Main | Chris Hitchens On The Sexual Power Of Margaret Thatcher »
Thursday
May092013

The U.S. Treasury's $2.4 Trillion Secret

WHO GOT BAILED OUT

John Carney with Maria Bartiromo

Mutual fund companies such as BlackRockBNY Mellon, T. Rowe Price, Dreyfus, and Legg Mason took advantage of federal assistance, plus large banks that provide money market funds to customers, including JPMorganGoldman Sachs, Morgan Stanley and Wells Fargo.

How much were taxpayers compensated?

Despite the enormous size of the guarantees, the Treasury collected only $1.2 billion in fees from the participating funds.  By Wilson’s calculation, most participating funds paid just 0.04 percent, or 4 basis points, for a year’s worth of insurance.

 

---

Treasury's Secret $2.4 Trillion Mutual Fund Guarantee

By John Carney

Details about a secretive government program to bail out money-market mutual funds are finally coming to light. Acting without any explicit Congressional authority, the U.S. Treasury guaranteed in excess of $2.4 trillion of money market funds after the giant Reserve Primary Fund "broke the buck" following the bankruptcy of Lehman Brothers. The program, which ended on Sept. 18, 2009, seems to have successfully prevented a panicked run by money-market fund investors.

But until now, the Treasury has kept the identities of the funds that received government backing and the amounts guaranteed secret. It was not clear how many funds obtained backing or for how much taxpayers were on the hook during the program's duration.

Linus Wilson, an assistant professor of finance at the University of Louisiana at Lafayette, recently obtained data about the program from the Treasury, through a Freedom of Information Act request.

The data from the Treasury show that taxpayers were backing in excess of $2.4 trillion through the mutual fund program. Hundreds of funds participated in the program, amounting to almost 99 percent of the total money-market mutual fund assets.

Continue reading...

 

 

For more on this story:

The Bank Run Excuse For Bailouts...Was Officially Bullshit

 

 

PrintView Printer Friendly Version

EmailEmail Article to Friend

Reader Comments (16)

The Bank Run Excuse For Bailouts...Was Officially Bullshit

http://dailybail.com/home/the-bank-run-excuse-for-bailoutswas-officially-bullshit.html

Related story
May 9, 2013 at 8:24 PM | Registered CommenterDailyBail
Poll: 61% of College-Age Students Want Government to Stay Out of Their Lives

http://cnsnews.com/blog/adam-tragone/poll-61-college-age-students-want-government-stay-out-their-lives
May 9, 2013 at 9:38 PM | Registered CommenterDailyBail
Detroit’s emergency manager says the city is bleeding much more red ink than originally thought.

http://detroit.cbslocal.com/2013/05/08/kevyn-orr-detroit-is-in-worse-shape-than-i-thought/

“The situation is severe,” Orr said. “It’s worse that we originally thought. It ain’t good.”
May 9, 2013 at 9:39 PM | Registered CommenterDailyBail
Billionaire John Paulson sought bankruptcy court protection for a real estate unit of his hedge fund after executives there were sued for alleged conflicts of interest in the asset sales of five bankrupt resorts.

http://www.bloomberg.com/news/2013-05-09/msr-former-la-quinta-resort-owner-seeks-bankruptcy-in-new-york.html
May 9, 2013 at 9:42 PM | Registered CommenterDailyBail
May 9, 2013 at 9:43 PM | Registered CommenterDailyBail
Heart Patient Risk From iPad2 Found by 14-Year-Old

http://www.bloomberg.com/news/2013-05-09/heart-patient-risk-from-ipad2-found-by-14-year-old.html

Chien is 14, and her study -- which found that Apple's iPad2 can, in some cases, interfere with life-saving heart devices because of the magnets inside -- is based on a science-fair project that didn’t even win her first place.
May 9, 2013 at 9:44 PM | Registered CommenterDailyBail
Reed Hastings Is the Man Who Ate the Internet

http://www.businessweek.com/articles/2013-05-09/netflix-reed-hastings-survive-missteps-to-join-silicon-valleys-elite

On a normal weeknight, Netflix accounts for almost a third of all Internet traffic entering North American homes. That’s more than YouTube, Hulu, Amazon.com, HBO Go, iTunes, and BitTorrent combined.
May 9, 2013 at 9:47 PM | Registered CommenterDailyBail
May 9, 2013 at 9:48 PM | Registered CommenterDailyBail
May 9, 2013 at 9:51 PM | Registered CommenterDailyBail
Berkshire Hathaway Inc.’s $1 billion note sale shows that while Chief Executive Officer Warren Buffett may pity investors who’ve stuck with bonds as yields fall to record lows, he’ll sell them as much debt as they want.

http://www.bloomberg.com/news/2013-05-09/berkshire-sells-debt-to-buyers-buffett-pities-corporate-finance.html
May 9, 2013 at 9:54 PM | Registered CommenterDailyBail
May 9, 2013 at 9:58 PM | Registered CommenterDailyBail
May 9, 2013 at 10:04 PM | Registered CommenterDailyBail
And if Treasury couldn't handle the claims, there was always AIG as the insurer of last resort...

DB- as an aside, there was a beautiful segment with Maria Buffoonromo today at 4:15 on her closing bell show. Post it. I call it the Jamie Dimon PR show-funny shite. Is MB doing Dimon? Sure acts like it...
May 10, 2013 at 4:43 PM | Unregistered CommenterJosie
JOSIE

Here it is.

http://video.cnbc.com/gallery/?play=1&video=3000167720

I'm just starting to watch
May 10, 2013 at 4:57 PM | Registered CommenterDailyBail
Post that shite with the Rosner piece. Goes well, I think.
May 10, 2013 at 5:08 PM | Unregistered CommenterJosie

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Post:
 
All HTML will be escaped. Hyperlinks will be created for URLs automatically.