by Pam Martens and Russ Martens
Wall Street on Parade
The new, 34-year old Democratic Senator from Georgia, Jon Ossoff, let a very big cat out of the bag at yesterday’s Senate Banking hearing. For at least a year, from September 17, 2019 through at least September 30, 2020, the New York Fed, acting as an agent for the Federal Reserve, doled out a cumulative $9 trillion or more in repo loans. The Fed would say only that the money was going to some of its 24 Primary Dealers on Wall Street, without naming any specific bank receiving the money. In June of 2020, the New York Fed abruptly stopped reporting the dollar amounts it was pumping out each day. (See Watchdog Report: Fed’s Billions in Emergency Repo Loans to Wall Street Didn’t Go Away in June; They Just Went Dark.)
The emergency repo loans by the Fed began months before there was any case of COVID-19 reported anywhere in the world.
It would now appear that the Senate Banking Committee knows where that money actually went. As a new member of that Committee, Senator Ossoff would be entitled to access that information.