New York Fed Losses Billions on Bear Stearns Loans

[erpowers]

Dylan Ratigan reported today on his show that the New York Fed took a 50% loss on the commerical loans and took a 10% loss the other loans it bought from Bear Stearns. According to Ratigan when the when the New York fed bought the commerical loans from Bear Stearns it paid $8 billion them. Those loans are now worth $4 billion. I do not remember the numbers for the other loans.

[glowing]

1. I loved how he said, the taxpayers own a hotel, do you think we can get a discount on that stay?

[jwirr]

2. Robert Reich has a great article about this on his site. He says the

FED bailed out Bear Sterns and AIG before the congress okay-ed the deal and that is illegal. Interesting read.

[zbdent]

3. I lost a few bucks on some beer stein loans ...