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NY Fed sells off last of Maiden Lane II assets
Feb 28 (Reuters) - The Federal Reserve Bank of New York on Tuesday said it has sold off the last of the crisis-era Maiden Lane II portfolio, generating a net gain for taxpayers of $2.8 billion.
The New York Fed said the last sale, for assets with a current face amount of $6 billion, was to Credit Suisse.
The Maiden Lane II portfolio was created to absorb risky mortgage securities acquired in the government's 2008 rescue of insurer American International Group Inc.
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The Fed: See taxpayers, we managed to save our incredibly rich friends that brought about this mess and all we had to do was print up 1.5 trillion dollars, diluting your retirement, college, life savings and paychecks by God knows how much… Not only that, but we managed a tidy profit of roughly 0.19%! Aren’t you lucky to have such a huge federal government protecting you from the evil free markets?
The Sheep (aka Reuters): Wow! I mean look, the taxpayers are making money on their investments. It’s like we are participating in the free markets but we have all the protection of our all-knowing benefactor called government. Man, I need to get one of those good federal jobs. They are easy, don’t require any job skills or aptitude, have an awesome pension, and they make you FEEL like you’re saving the world one tax dollar at a time.
Congress: This seems like a pretty good time to pass some legislature upping our pay grade.
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