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I had a craving and went to the beach for some grub. Turns out it was good grub exactly as I had expected. I walked on the beach to make myself feel better. I guess my blood is pretty thin as I was pretty cold but I sure am glad I had a good coat and a warm hat on. I always think about the big rim glasses with the attached nose and mustache but I left those in the car.
It was a perfect day.
Lo and behold I observe someone taking a photo of the plaques on the Tybee Pier. I have to stop walking so I can allow the photographer to get their glory photo of the plaques so I take the time to read what they tell. Oh my God. There is fucking "Dr." Pris...
The Jenner and Block report on Lehman just keeps on giving.
Today I am going to focus on FRBNY's culpability in the apparent Lehman fraud - that is, the role that FRBNY (and thus Tim Geithner) played in keeping an insolvent institution afloat through the use of fraudulent artifices.
We must look first to what the PDCF, or "primary dealer credit facility" was created to be. The report does this for us:
Under the PDCF, the FRBNY would make collateralized loans to broker‐dealers, such as LBI, and in effect, act as a repo counterparty. Unlike a typical counterparty, though, with the creation of the PDCF, the FRBNY was generally understood by market par...
