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Fed just made matters worse, says Carlyle

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kickysnana Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 05:40 PM
Original message
Fed just made matters worse, says Carlyle
http://www.ft.com/cms/s/0/317bcbe0-f235-11dc-9b45-00007...

This week's emergency credit market intervention by the US Federal Reserve was supposed to ease the liquidity crisis for struggling financial groups such as Carlyle Capital Corporation.

But David Rubenstein, co-founder of the Carlyle Group, said it only accelerated the demise of his group's mortgage-backed securities fund, which is being liquidated by its banks for defaulting on more than $16bn of debts only eight months after listing on Euronext Amsterdam.

In response to the credit woes ripping through the financial system, the Fed this week unveiled a new $200bn Securities Lending Facility that will allow dealers to swap hard-to-finance mortgage securities, such as the $21.7bn held by CCC, for Treasuries.

<snip>

"People in the banks said, 'Because of this Fed move the collateral is now worth more, so let's seize it and sell some of it immediately'," he said.


<snip>
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Donnachaidh Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 05:45 PM
Response to Original message
1. Boo freaking HOO Carlyle Group!
:hurts: :nopity: :rofl:
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Hydra Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 05:47 PM
Response to Original message
2. The Fed really is screwing things up
but it was all according to plan, so let it all burn!
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TalkingDog Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-16-08 01:03 AM
Response to Reply #2
6. Th' roof, th' roof, th' roof is on FIRE
Let th' motherfucker burn,
let th' motherfucker burn...
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pretzel4gore Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 05:47 PM
Response to Original message
3. if $200 billion for single payer health care system, the howls
...you'd hear howls all the way over in Winston!
the pigs would be shreiking like ninnies as they rushed down to the sea!
cnn and foxnews whores would shit!
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Mr_Jefferson_24 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 06:06 PM
Response to Original message
4. Wow, sweet deal...
...wish I could scoop up and then swap all those hard-to-avoid-stepping-in dog turds in my back yard for Treasuries at the Fed.
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jimshoes Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 06:40 PM
Response to Reply #4
5. It will be sweet to see who the feds go after on
delinquent property taxes on all those crap mortgages that the Fed owns now.
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