Random wrap-up

This is very interesting

The CARES Act was signed into law on March 27. Congress earmarked $454 billion of that stimulus money to be distributed by the Treasury to the Federal Reserve to be used for emergency lending programs to save businesses and jobs during the pandemic and keep credit flowing to the U.S. economy. The catch was that the Treasury Secretary, Steve Mnuchin, would have to give his approval for each of the programs.

Since June, Wall Street On Parade has been reporting that $340 billion of the $454 billion that Mnuchin was instructed to turn over to the Fed was unaccounted for. We noted that 98,000 businesses had permanently closed in the U.S. while this money, intended for economic relief, went missing.

On November 19, Mnuchin publicly issued a letter to Fed Chair Jerome Powell, making it sound like most of the CARES Act money has been sitting idle at the Fed and Mnuchin was demanding it back to put to better use.

Adding to our conviction that Mnuchin was intentionally misleading the public, Bloomberg News published an article on Tuesday about the funds that Mnuchin planned to claw back from the Fed. The Bloomberg article carried this sentence: “The money in question includes $429 billion that Mnuchin is clawing back from the Fed — which backed some of the central bank’s emergency lending facilities…”

But for months now, the Federal Reserve’s weekly financial statements known as the H.4.1 have indicated that all the Fed received from Treasury for its emergency lending facilities was $114 billion, leaving $340 billion unaccounted for.

Wall Street On Parade has repeatedly asked the press office of the U.S. Treasury to explain this discrepancy. It has refused to answer our inquiries. We have repeatedly asked the Fed’s press office to explain this discrepancy and it has directed us to its official financial statements which show it has received just $114 billion from the Treasury for its emergency lending programs.

This morning, we located the missing funds on our own with no help from the Treasury’s press office that is paid by American taxpayers to keep the public informed. Tens of billions of dollars of CARES Act money has been put to very strange use by Mnuchin in a slush fund called the Exchange Stabilization Fund (ESF) which states that it gives the U.S. Treasury Secretary “considerable discretion in the use of ESF resources.”

We located the financial statements for the Exchange Stabilization Fund and they confirmed that all the Treasury has given the Fed for its emergency lending facilities was the same $114 billion that the Fed has been reporting on its financial statements.

We compared the Exchange Stabilization Fund’s most recent financial statement for September 30, 2020 to its fiscal year-end financial statement for September 30, 2019. At the end of 2019, the ESF had assets of $93.3 billion. With the money from the CARES Act, that amount had grown to $682 billion by September 30, 2020.

lol.PNG

woke.jpg

Share
up
26 users have voted.

Comments

earthling1's picture

is Mnuchin's severance pay, doncha know?

up
13 users have voted.

After six years, still getting robo-calls from Marriot Hotels.
They're like herpes.

edg's picture

@earthling1

Enough to pay off Trump's delinquent loan accounts on his hotels and golf courses.

up
8 users have voted.
Cant Stop the Macedonian Signal's picture

@earthling1

we wouldn't be having this problem.

Stealing doesn't count if you're stealing from the proles.

up
8 users have voted.

"More for Gore or the son of a drug lord--None of the above, fuck it, cut the cord."
--Zack de la Rocha

"I tell you I'll have nothing to do with the place...The roof of that hall is made of bones."
-- Fiver

snoopydawg's picture

that Mnuchin sat on? I would think that there would be a committee that oversaw the bailout and notice if something didn’t add up. Besides that how did they miss the news that 100,000 businesses had closed? The cynic in me thinks that was a deliberate overlook. The great transfer must continue on.

up
15 users have voted.

“Restoring the soul of this nation” is just MAGA with more words

Twitter is like a game of telephone

up
13 users have voted.
snoopydawg's picture

@gjohnsit

Gawd talk about an in your face from Biden. But does anyone believe that he is picking them? I’m betting there are a lot of Obama’s people working the scenes as well as Hillary’s. The picks are actually worse than I thought they would be. F you Biden.

up
18 users have voted.

“Restoring the soul of this nation” is just MAGA with more words

Twitter is like a game of telephone

travelerxxx's picture

@snoopydawg

I'm not convinced Biden isn't a holographic image. So much so that I'm beginning to think this thing named "Biden" is actually a committee.

Whether "Biden" actually exists, I don't know, but like you snoopy, I seriously doubt he's doing the picking. He may well be set up in a fashion to make him believe he's doing it, but maybe the committee isn't even bothering with that. I dunno whether Her is involved, but likely MyBoss is.

Didn't somebody here on C99 have a bet running on the elapsed time before Harris takes over? I suspect she works for MyBoss, too. Remember those 2017 meetings in The Hamptons?

up
10 users have voted.
snoopydawg's picture

@travelerxxx

and pick how much time until Harris takes over as pres. However I have forgotten how long I thought it would be....lol I must buy more notebooks to write stuff down in.

We saw how Biden struggled early in the primary with his speech, but he then got better or maybe it just seemed like it because they could control how much exposure he got from his basement. But lately there have been lots of 'lids on the press' early for days that he does come above ground.

Remember those 2017 meetings in The Hamptons?

Ayup. Inserting Harris as VP is a shortcut to name her Pres.

up
10 users have voted.

“Restoring the soul of this nation” is just MAGA with more words

Twitter is like a game of telephone

travelerxxx's picture

@snoopydawg

LOL! I thought it might have been you, snoopy!

I thought The Committee Known as Biden got better with his speech gaffes, too. I assumed it was better fitting meds. Who knows.

up
7 users have voted.
snoopydawg's picture

@travelerxxx

His team got better at finding the right med combination. Watching Rising I see a lot of their older work and played one where Saagar showed Biden’s screwups. The media covered his buttocks on that. They never said a word about it. Biden should have to declare the media coverage as in-kind donation.

up
5 users have voted.

“Restoring the soul of this nation” is just MAGA with more words

Twitter is like a game of telephone

Cant Stop the Macedonian Signal's picture

@travelerxxx

from the Star Trek

"Patterns of Force."

Gill is the old guy in the chair.

"His speech follows no logical pattern." "Random sentences strung together."

up
6 users have voted.

"More for Gore or the son of a drug lord--None of the above, fuck it, cut the cord."
--Zack de la Rocha

"I tell you I'll have nothing to do with the place...The roof of that hall is made of bones."
-- Fiver

@snoopydawg
That way progressives can lose the delusion that there are any allies in the White House

up
9 users have voted.
Cant Stop the Macedonian Signal's picture

@gjohnsit

up
3 users have voted.

"More for Gore or the son of a drug lord--None of the above, fuck it, cut the cord."
--Zack de la Rocha

"I tell you I'll have nothing to do with the place...The roof of that hall is made of bones."
-- Fiver

Lookout's picture

...and the central banks which are in terrible shape (under funded). They are over-extended in the fracking industry which losses money daily. No telling what "The Great Reset" will bring.

Prophets of the end of the dollar regime – under which the US dollar serves as the world’s main reserve currency – are right to sense change, but wrong in their diagnosis. It is not the end of the postwar world that we are witnessing, but the end of the uniform central banking model of the 1990s. What central banks do is becoming more complex, more diverse and more multipolar. What is emerging is a hybrid assemblage that combines market mechanisms with massive intervention and seemingly limitless credit. Its Frankenstein quality is undeniable, but what kind of monster it is, remains to be seen.

https://www.theguardian.com/commentisfree/2020/sep/09/central-banks-defl...

up
6 users have voted.

“Until justice rolls down like water and righteousness like a mighty stream.”