Frederick Douglass

"Power concedes nothing without a demand. It never did, and it never will. Find out just what people will submit to, and you have found out the exact amount of injustice and wrong which will be imposed upon them..." Frederick Douglass

Friday, April 13, 2012

Banks look to cherry-pick Fed portfolio

The New York Fed is considering selling the Maiden Lane III portfolio after it auctioned the remaining assets in Maiden Lane II, another portfolio related to AIG’s bailout, this year, logging a $2.8bn profit. Maiden Lane II housed bonds backed by subprime US home loans, securities that have been in demand in recent months for their relatively high yields.

What's that pray tell? Come again please. AIG bailed out because it was holding this bad paper and now said paper is in demand due to high yields?

How they must laugh at us working class folk! And we deserve it.