Federal Reserve Fraud
Zero Hedge has an interesting post that if true would be one of the biggest frauds in the US Treasury marketplace in a long time. As everyone knows, the Fed bailed out everyone in 2008. But now, after two quantitative eases it is in trouble. The Fed can control the short end of the yield curve, but it’s a lot tougher to control the long end. From the post,
“Stunningly, today we learn that to keep long rates low, the Fed may have resorted to nothing short of the same suicidal trade that destroyed AIG FP and brought the entire system to its knees. Namely, Ben Bernanke is now quite possibly the second coming of Joe Cassano, since in order to keep rates low, Bernanke is forced to a last resort action of selling billions upon billions of Treasury puts to “pin” rates low contrary to natural supply-demand mechanics. If so, the Fed is now basically AIG Financial Products”.
This is a potential catastrophe of gigantic proportions. Is the reason Bank of America ($BAC) stock dropped so much Friday is not earnings, but that they are the largest counter party?
Read more at Points and Figures
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