Just so we're clear on what this means -- on a net trading basis, they made money every single day in Q1. 90 for 90.
How are they doing this? It's called free money. They borrow from the Federal Reserve at 0%, and re-invest much of that back into Treasuries. Playing the spread. Bloomberg has the details.
Video: Senator Bernie Sanders Discusses the Feds Sins of Secrecy -- May 11, 2010
Victory speech from late this afternoon. Goldman Sachs, AIG, Stephen Friedman, the New York Fed, Blankfein and Bernanke are targeted in this short clip. I have also managed to find the Bernanke confrontation video from last year that Sanders mentions in the presser above.
Updated on May 11, 2010 at 4:21 PM by
DailyBail
It might simply be a mistake by a C-Span intern, but during the debate on the Sanders' amendment to audit the Fed (which passed 96-0), C-Span showed the following text on the screen the entire time:
"...permits GAO to audit financial records of the Federal Reserve since September 2008."
It's clearly visible in the screenshot above.
Not everything we wanted, but still a victory for the transparency squad. Sanders' amendment passed 96-0. No one would step in front of the train. Vitter's amendment was defeated 62-37. Not so good. More on this later.
Naysayers are wrong on this one. This was a huge victory for truth, justice and fair play. The dam is cracked. What we gain from this audit will help us get more extensive audits later. Any embarrassing information will be exploited by those on our side in the push for even greater transparency.
The super-galactic Federal Reserve MOJO has been defeated.
Video: A punchdrunk Dylan Ratigan discusses Fannie Mae's growing bailout and the 'Wells Notice' controversy at Moody's involving Warren Buffett -- May 10, 2010
The Mortgage Death Race continues unnoticed. Last week Freddie asked for $10.6 billion, which brings their bailout total to $61 billion, and today, bankrupt and corrupt Fannie mentioned that it needs almost $9 billion more (until next quarter), bringing its total to either $83.6 billion or $84.6 billion, depending whether you believe Reuters or the AP, that is assuming that you still care about a missing billion, when it can be created at the Fed in less time than Bernanke takes to clean his beard after a chili dog and buster bar at Dairy Queen.
Video: Ratigan & Senator Judd Gregg -- May 4, 2010
Have been saving this one for Friday afternoon. There is no love lost between truth and fiction in this clip. If you're in a hurry, start at the 5:20 mark, where Ratigan starts to get fired up about the hidden bailout and Gregg's denials. My sympathies extend to Dylan -- it would not be easy to listen to the constant Wall Street b.s. without occasionally getting angry at the system and Senators who obfuscate.
Hey Judd, as I lift a Friday afternoon cold, adult beverage, let me toast to the thought that this will be your last term in the Senate. You're a captured Wall Street bastard, and we're better off without you.
And nice work protecting the 100-year secrecy of the Fed, you freaking troglodyte.
Video: Dylan Ratigan with Senator Bernie Sanders -- May 5, 2010
Sanders the day before caving to White House and Fed special interests.
