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Brian Sack of the Federal Reserve: if you make money keep it, if you lose money we’ll cover you!


When the banks realized they had sent over to the Federal Reserve a few good assets amongst all their bad assets, phone calls were placed and Brian Sack at the Fed announced a new program!

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Funny story about one of the other programs the Fed used to bail out the big banks.  Remember they were all panicked about all the bad assets so they offered “send us the bad assets and will give you fresh cash in exchange.”  Well in their haste to get rid of their bad stuff off their books the banks sent over stuff that maybe wasn’t so bad.

Phone calls were placed, decisions were made and then Brian Sack at the Fed announces a new program.  If you put up a little money Brian and the Fed will put up a lot of money to partner to buy some of those assets.  And here is the kicker, if it loses you get your original money back.  I mean, you get to keep all the profits and the Fed absorbs all the losses?  That is a handy little program to be a part of!

Now—here come these two really spunky NY gals who had never been in the business before and they decide to put up $15 Million dollars. Brian and the Fed put up $220 million dollars so that they could head on in and pick out something nice for themselves.

The husbands of these gals had been in the business before, are in the business, in fact they had sent over the assets in the first place so they were uniquely suited to know exactly what would be really nice for the girls to pick out.

Now people are really bashing this program and you know what — I say Boo to that.

Anybody could have done this—and I am confident Brian will back me up on this– anybody with $15 million dollars could have gone shopping…just like those gals did.

Check out these related articles:

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>Christy Mack, John Mack’s wife, and Susan Karches took $220 million in a TALF loan

>Taibbi takes aim at TALF


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