Banks Borrow Record $437.5 Billion Per Day from Fed
October 17th, 2008Via: Reuters:
Financial institutions ran to their lender of last resort for record amounts of cash in the latest week, under extreme pressure from the worst global financial crisis in a generation, Federal Reserve data showed on Thursday.
Banks and dealers’ overall direct borrowings from the Fed averaged a record $437.53 billion per day in the week ended October 15, topping the previous week’s $420.16 billion per day.
Some analysts are concerned that banks’ dependence on Fed lending might become long term and difficult to change.
“The banking system is going to become addicted to this very cheap money. Unwinding it will be very difficult,” said Howard Simons, strategist with Bianco Research in Chicago.
Posted in Economy | Top Of Page
I whipped out The Official Captain Obvious Cheapo Calculator (TOCOCC) and did some math. That comes out to about 17 trillion a month (the Fed is only open on the “business days” of the week) and about 224 trillion a year. I don’t think I’m being a ninny-nanny when I say this probably can’t go on for very much longer.
It’ll last long enough for the GS swindlers to use the panic and confusion to siphon off their, uh, “commission” for saving the country.
From: http://letters.salon.com/d29d4fcfed5f58e91d806e4e0a836810/author/
“Vast sums of wealth have been funneled out of the country and into secret off-shore hedge funds. The Fed and Treasury have been taken over by agents of Goldman Sachs, and you can be sure the list of the rescued will line up very well with Goldman Sachs balance sheet.
***
And, look at this list of off-shore Goldman accounts in the Cayman Islands:
Scadbury Funding Limited Cayman Islands
Scadbury II Assets Limited Cayman Islands
GS Killingholme Cayman Investments Ltd. Cayman Islands
GS Killingholme Cayman Investments II Ltd Cayman Islands
Forres Investments Limited Cayman Islands
GS Funding Management Limited (1) Cayman Islands
GS Capital Funding (Cayman) Limited Cayman Islands
Goldman Sachs Investments (Mauritius) I Limited Mauritius
Goldman Sachs LLC Mauritius
Tiger Strategic Investments LTD Mauritius
MLT Investments LTD. Mauritius
JLQ LLC Cayman Islands
Goldman Sachs (Japan) Ltd. British Virgin Islands
GSEM Bermuda Holdings, L.P. Bermuda
GS Equity Markets, L.P. Bermuda
Goldman Sachs (Cayman) Holding Company Cayman Islands
Linden Wood, LTD. Cayman Islands
Goldman Sachs Credit Partners L.P. Bermuda
Goldman Sachs Specialty Lending CLO-I, LTD. Cayman Islands
Amagansett Funding Limited Cayman Islands
Amagansett II Assets Limited Cayman Islands
GS European Funding I LTD. Cayman Islands
GS Funding Europe II Ltd. Cayman Islands
http://sec.edgar-online.com/2008/01/29/0000950123-08-000857/Section57.asp
http://www2.goldmansachs.com/worldwide/cayman-islands/index.html
{SIGH!} Kinda makes ya feel helpless when the bankers are the ones robbing the bank while government officials look on smiling in approval and the police are arresting the people outside who are protesting the theft.
I can’t help but wonder how Arthur Jensen might justify the events of the past few months to Howard Beale in a latter-day version of Network?
I randomly googled one of the GS offshore corporations, Amagansett Funding, and found this:
“In 1988, Dan started a company called the Amagansett Funding Company. He immediately began breaking all the rules about the way you think about a mortgage provider.”
Amazing that the guy is still bragging.
http://www.hamptonsmortgage.com/images/hmc%20website%20work/dan.htm