Pimpco sucks gov't teat in fresh looting scandal

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machinehead's picture
Status: Diamond Member (Offline)
Joined: Mar 18 2008
Posts: 1077
Pimpco sucks gov't teat in fresh looting scandal

From Bloomberg --

Dec. 30 (Bloomberg) -- The Federal Reserve chose BlackRock
Inc., Goldman Sachs Asset Management, Pacific Investment
Management Co. and Wellington Management Co. to manage a $500
billion purchase of mortgage-backed securities it plans to
complete by June.

Only fixed-rate agency mortgage-backed securities
guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae will be
eligible for purchase, the central bank said in a statement
released in Washington today. The Fed said the purchases, to
start early in January, will include securities with maturities
of 30, 20, and 15 years, and will exclude riskier securities
such as interest-only bonds.

“The investment managers will be required to purchase
securities frequently and to disclose the Federal Reserve as
principal,” the central bank said. The Fed said its exposure to risk on the securities would
be “minimal” and “mitigated by the conservative, buy-and-hold
investment strategy” of the program.


So, after blowing up his own balance sheet by a factor of 2.5 times,
Bensane Bernanke suddenly needs the help of Pimpco and Government Sachs
to amass further mountains of plain-vanilla agency debt?

The Federal Reserve has an army of PhDs on its staff. What do these egghead worthies do all day -- suck their thumbs?

And what will be the fee for this gallant community service from
some of the richest investment managers on earth? Or is that a 'trade
secret,' the term the Federal Reserve has used to spurn
Bloomberg's Freedom of Information Act request for documents, and
its subsequent lawsuit?

Once again, the bankster cartel is contemptuously spitting in the face
of its sheeple victims, in this new and outrageous 'business-government
partnership.' If you and I could get this kind of deal,
it would read like that classic sucker-bait ad -- GET PAID FOR WATCHING
TV. But unlike credulous sheeple, the white-shoe looters REALLY ARE
going to get paid -- handsomely -- for the equivalent of watching TV,
drinking tea and eating cakes as they do fictitiously-priced insider trades with their
cronies for fat, uncompetitive commissions.

Where can I buy a barrel of LEECH POISON? Yell


WhatNext's picture
Status: Member (Offline)
Joined: Dec 23 2008
Posts: 4
Re: Pimpco sucks gov't teat in fresh looting scandal

While your anger for paper rich men and their corruption is understood, calling them out like this is really old news.  Everyone with an elementary understanding of this can point out that people are being taken advantage of while the richest of the rich wont really suffer.  Action is the only thing that will get anything done.


Brainless's picture
Status: Silver Member (Offline)
Joined: Dec 9 2008
Posts: 150
Re: Pimpco sucks gov't teat in fresh looting scandal

Let them have the paper money. it is soon not worth anything anyway.

Buy gold, silver anything of real value. only way of fighting the 'system'.


cybernytrix's picture
Status: Member (Offline)
Joined: Sep 10 2008
Posts: 18
Re: Pimpco sucks gov't teat in fresh looting scandal

There should be a Guantanamo, Abu Ghraib for all these people too, they are no worse than any of those terrorists that destroy people!


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