Sweeeeeeet... If I am a bank I can sell shit to the FED (American tax payers) and get money for it. Huraaaaaay! Lets see how the creatons try and spin this full fledged bail out. WASHINGTON (Reuters) - The Federal Reserve announced a series of steps on Sunday night to boost liquidity and try to avoid widespread market disruptions in the wake of the apparent collapse of efforts to sell Lehman Brothers. The U.S. central bank said it was broadening the type of collateral that financial institutions can use to raise money and now will accept all investment-grade debt securities. Previously, only Treasury securities, agency securities and AAA-rated mortgage-backed and asset-backed securities could be pledged for loans.
Total fucking bullshit. They should cancel all derivative transactions, and let each one of these banks fail or stand on their own merits. Fuck them all. The entire lot are cowards and criminals.
Well, the banks are not actually selling assets to the FED. Its more like taking a burnt-out toaster to the pawn shop, and the owner giving you MSRP in return.