The short version is that the Fed handed out a bunch of taxpayer money to repurchase the fraudulent mortgage-backed securities, and because of this new accounting change, is transferring those bad assets into the US Treasury.
Saturday, January 22, 2011
Fed Hides Major Accounting Change
Reuters has a very hot story out tonight on an accounting change the Fed snuck into a regularl weekly report. It will move off its balance sheet any bad debt the Fed may have purchased from Goldman Sachs, or anybody else for that matter.....
The short version is that the Fed handed out a bunch of taxpayer money to repurchase the fraudulent mortgage-backed securities, and because of this new accounting change, is transferring those bad assets into the US Treasury.
The short version is that the Fed handed out a bunch of taxpayer money to repurchase the fraudulent mortgage-backed securities, and because of this new accounting change, is transferring those bad assets into the US Treasury.
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