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chek't and rek't
The Fed Has Loaned $1.2 Billion from its TALF Bailout Program to a Tiny Company with Four Employees
Every Wall Street bailout program that the Fed has created since September 17 of last year has, according to the Fed, been ostensibly created to somehow help the average American. According to the Fed’s Term Sheet for the Term Asset-Backed Securities Loan Facility (TALF), it’s going to “help meet the credit needs of consumers and businesses by facilitating the issuance of asset-backed securities.” Not to put too fine a point on it, but asset-backed securities and related derivatives are what blew up Wall Street in 2008, creating the worst economic downturn, at that point, since the Great Depression.
According to the Fed’s TALF transaction data, it has made $2.6 billion in total loans. Forty-six percent of that money, $1.2 billion, went to a company that has 4 employees (outside of clerical workers) according to its filing with the SEC. Much of the Fed’s $1.2 billion was loaned at an interest rate ranging from 0.75 percent to 1.26 percent. The loans are set to expire in three years.
Under the CARES Act passed by Congress, the TALF has received $10 billion in taxpayer support from the U.S. Treasury to eat any losses in this program.
On the most recent transaction data report filed by the Fed for the TALF, it lists the borrower that received the $1.2 billion total as Alta Fundamental Advisers SP LLC-Belstar-Alta Series 1 and 2. It lists the Investment Manager for the borrower as Belstar Management Company LLC. Both Alta Fundamental Advisers and Belstar Management Company LLC have funds that previously registered in the Cayman Islands, according to their SEC filings.
https://www.federalreserve.gov/publications/reports-to-congress-in-response-to-covid-19.htm
The Fed is only selectively providing transaction level data for its myriad of bailout programs. As we previously noted, the Primary Dealer Credit Facility (PDCF) is one of the first bailout programs created by the Fed and yet it has never provided a drop of information as to who received the billions of dollars in loans under that program.
The Primary Dealer Credit Facility was the most notorious of the Fed programs during the 2007 to 2010 financial crisis. The Fed secretly funneled $8.95 trillion in cumulative, below-market rate loans to the trading units of the biggest Wall Street banks and their foreign derivative counterparties according to an audit belatedly provided to the public in 2011 by the Government Accountability Office (GAO).
The Fed’s hubris from 2007 to 2010 and its multi-year court battle to keep its transactions a secret from the American people make its actions today a critical area in which to demand transparency. Unfortunately, the Fed’s dealings are being essentially ignored by mainstream media – which is enabling ever more hubris.
Editor’s Note: This article has been updated to provide clarification on the amount of total loans made by the TALF and the percentage it gave to just one entity. The earlier version of this article cited the H.4.1 data from the Fed, which showed a balance of $11 billion for the TALF. That includes part of the $10 billion of taxpayers’ money that is being used as loss absorbing capital and does not reflect total loans made.
https://wallstreetonparade.com/2020/09/the-fed-has-loaned-1-2-billion-from-its-talf-bailout-program-to-a-tiny-company-with-four-employees/
September 10, 2001: FBI Crisis Response Unit Goes to California for Training, Therefore Away from Washington at Time of 9/11 Attacks
The FBI’s Critical Incident Response Group (CIRG) goes to California for a week of training and is therefore stranded away from Washington, DC, when it is required to help in the response to the 9/11 terrorist attacks. The CIRG is “the unit that coordinates the FBI’s rapid response to crisis incidents, including terrorist attacks,” according to Major Robert Darling of the White House Military Office. Its members arrive in San Francisco this evening to participate in a week of special weapons and tactics (SWAT)-related field training. While the 9/11 attacks are underway, NBC News will report that the FBI is in a state of “chaos,” partly because of the CIRG being stranded in California.
On the afternoon of September 11, the White House will arrange for the CIRG to return to Washington as a matter of priority (see (3:50 p.m.) September 11, 2001), and the unit’s members will be flown back later that day (see Late Afternoon September 11, 2001)
http://www.historycommons.org/context.jsp?item=a091001crisisunit#a091001crisisunit
Robert Mueller started as the 6th Director at the FBI on September 4th, 2001
many of these agents were at Monterey, CA the weekend prior to 911 and can say that Laguna Seca Raceway was literally crawling with these guys on Sept. 6th (thursday) prior to the conference starting.
Saw them (was only there that day).