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Pam and Russ Martens: Quietly, the Fed identifies the banks that got billions in emergency loans in 2019
By Pam and Russ Martens
Wall Street on Parade
Wednesday, Ocotber 13, 2021
The Federal Reserve Bank of New York has quietly posted the names of the banks that grabbed billions of dollars under the Fed's emergency repo loan operations that commenced on September 17, 2019 -- months before there was a COVID-19 crisis anywhere in the world.
The emergency repo loans were made via Open Market operations at the New York Fed. Under the Dodd-Frank financial reform legislation of 2010, the names of the banks, dollar amounts borrowed, interest rate, and collateral posted must be made public "on the last day of the eighth calendar quarter following the calendar quarter in which the covered transaction was conducted."
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Since the emergency repo loans were initiated in the third quarter of 2019, that meant eight quarters had passed and the public was entitled to the information for at least the month of September 2019. (The Fed has the power to release the information earlier if it chooses.)
We asked the Fed yesterday for the data and were stunned to learn that it had already been quietly posted on the New York Fed's website with no media outlet being any the wiser.
The names of the banks and the eyebrow-raising amounts they borrowed from the New York Fed do not square with the official story at the time -- that the liquidity crisis occurred because U.S. corporations withdrew large amounts from the banks in order to make quarterly tax payments.
That so many huge loans ended up going to foreign banks, as well as Goldman Sachs and JPMorgan Securities, suggests that this was a derivatives counterparty problem, potentially triggered by Deutsche Bank's crisis at the time. ...
... For the remainder of the report:
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Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
http://www.gata.org/files/GATA-4-wine-bottles.jpg
Buyers can compose their case by choosing as many as four varietals from the list here:
http://www.gata.org/files/FayJWineryVarietals.jpg
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at: bagman1236@aol.com
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Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
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GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
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* * *
Join GATA here:
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
2 Poydras St., New Orleans, Louisiana
Tuesday-Friday, October 19-22, 2021
https://neworleansconference.com/wp-content/uploads/2021/08/NOIC2021_Powell.html
* * *
Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
http://www.gata.org/files/GATA-4-wine-bottles.jpg
Buyers can compose their case by choosing as many as four varietals from the list here:
http://www.gata.org/files/FayJWineryVarietals.jpg
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
