In July I wrote to the Federal Reserve Bank of New York and asked them which banks divested themselves of $31 billion dollars of toxic credit card and auto loans through the TALF program. After all, if my tax dollars will ultimately be used to offset losses from these portfolios financed on a non-recourse basis by the FRBNY, then surely I must have the right to know who’s creating them and who’s selling them.
Reply from TALF@NY.FRB.ORG (cut and paste – actual response)
Thank you for your inquiry. This information is not publically available. We do not disclose specific borrowers of any 13.3 loans.
If ever there was a time for the people of this country to band together in support of legislation, this is it. Please write your Congressional Leaders (links provided here on AB blogsite). Let them know that if they are representing YOU, then they need to support HR 1207.
Original Message from Anonymous Banker to FRBNY
07/22/2009 10:28 PM
Subject: Questions on TALF
I’ve been following TALF and I’ve noticed that there is no information on which financial institutions are selling the assets, only the cumulative total of assets purchased under the program. I would like a breakdown of TALF assets sold by financial institution and then by asset class. Please let me know what I need to do to obtain this information.
Please take a moment to watch this You Tube Video
Services Subcommittee on Oversight and Investigations hearing of May 5, 2009.
Rep. Alan Grayson asks the Federal Reserve Inspector General about the trillions of dollars lent or spent by the Federal Reserve and where it went, and the trillions of off balance sheet obligations. Inspector General Elizabeth Coleman responds that the IG does not know and is not tracking where this money is.