This, HP'ers, is sick. And I hope to see the MSM and Congress do their jobs and follow up on it (but I'm not holding my breath).
Bernanke and the Federal Reserve just auctioned off $20,000,000,000 to "cash-strapped" banks, with blatantly overvalued mortgages shockingly serving in many cases as collateral, and they will not disclose who these banks are. There were 93 desperate bidders, and over $60 billion was requested, and there's more of these auctions to come.
Bottom line: The super-secretive puppet-masters at the Fed are pissing money away to banks that are on the verge of failure, and they do NOT want ANYONE to find out who these desperate debtors are.
I think we all know who was likely in the front of the line (hint, he's orange). But if we knew the full list of bidders, I think the financial community would be shocked. And their shareholders panicked.
And that's why the Fed will not let you know.
Here's a reply I got from the Fed after seeking information on this issue, and then an article on the scam.
Thank you for your recent correspondence in which you requested bid and award data for the Term Auction Facility (TAF) auction.
I regret but the Federal Reserve Board not publish individual bid and award data. Data on aggregate awards broken down by Federal Reserve District will be posted on the H.4.1 statistical release. You can use the following link to access that release: http://www.federalreserve.gov/releases/h41/.
I hope this information is helpful.
JPD Board Staff
WASHINGTON - Cash-strapped banks took the Federal Reserve up on its offer of $20 billion in short-term loans to help them overcome credit problems, but the interest rate wasn't as low as some had hoped.
The central bank said Wednesday that it had received bids for $61.6 billion worth of loans, more than three times the amount that was made available.