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Sun Feb 24th 20:02 PM | Rating: 0 0
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A Bank Led, Bank Insurer Bailout?!

The Fed, being the lender of last resort, anonymously loans Citibank billions through the TAF auction. Citibank uses the loan proceeds to raise capital for the monolines. In effect, the Fed is bailing out a non-bank, an entity ineligible for Fed borrowing. Lack of transparency through these TAF auctions will allow more banks to do the same, bailing out any entity that is a potential risk to the banks' balance sheets. The Fed will continue this anonymous lending until the foreigners wise up and start dumping Treasuries and dollars like crazy. Hope you own foreign currencies and gold.
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