http://www.bloomberg.com/news/2010-10-21/new-york-fed-faces-inherent-conflict-in-seeking-to-recover-mortgage-loss.html
Oh what's a little conflict of interest when Timmy is so busy saving the world?
He did a great job over seeing the AIG bailout in making sure Goldman Sachs and friends got 100 cents on the dollar for their insurance contracts with AIG.
And him and Ben have a great plan (even if you have to pay for it again) of buying up all that crap that those pesky MBS investors are bitchin about.
Heck their even going to keep it off the balance sheet, so it won't be added in.
That certainly will make the bottom line look a whole lot better, and it is the standard investment banking practice and if they all do it , it must be legal right?
Don't you fret for minute.
Timmy and Ben have got it covered.
The Federal Reserve Bank of New York’s effort to recover taxpayer money used in bailouts during the crisis may be at odds with its mission to ensure the stability of the financial system.
The New York Fed, which acquired mortgage debt in the 2008 rescues of Bear Stearns Cos. and American International Group Inc., joined a bondholder group including Pacific Investment Management Co. that aims to force Bank of America Corp. to buy back some bad home loans packaged into $47 billion of securities, people familiar with the matter said this week.
