Saturday, April 03, 2010


Fed Finally Reveals Some Toxic Bear Stearns Related Garbage On Its Balance Sheet

Having lost two court cases in lawsuits filed by Bloomberg, Fed Reveals Bear Stearns Assets It Swallowed in Firm’s Rescue. http://www.bloomberg.com/apps/news?pid= ... A_RWY3IJ2I

In a 4:30 p.m. announcement in a week of congressional recess and religious holidays, the central bank released details of securities bought to aid Bear Stearns’s takeover by JPMorgan Chase & Co. Bloomberg News sued the Fed for that information.

The Fed’s vehicle known as Maiden Lane LLC has securities backed by mortgages from lenders including Washington Mutual Inc. and Countrywide Financial Corp., loans that were made with limited borrower documentation. More than $1 billion of them are backed by “jumboâ€