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Pam and Russ Martens: Fed's repo loans propped up Deutschebank and its counterparties
By Pam and Russ Martens
Wall Street on Parade
Friday, January 7, 2022
Nine days ago the Fed released the names of the Wall Street trading houses that had borrowed a cumulative total of $4.5 trillion in emergency repo loans from the Fed during just the last quarter of 2019.
From September 17, 2019, through July 2, 2020, the same banks had borrowed a cumulative total of $11.23 trillion.
The Fed is slowly doling out the names of the banks and the specific amounts borrowed on a quarterly basis, after eight quarters of time has elapsed. The Fed is releasing the information only because the Dodd-Frank financial reform legislation of 2010 made it a legal obligation of the Fed to do so. The Fed had fought a multi-year court battle with the press after the 2008 financial crisis to keep its secret bailouts to Wall Street firms hidden from the American people.
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Strange as it may seem, the same press outlets that battled the Fed in court following the 2008 financial crisis to get the names of the banks and the amounts borrowed have this time around invoked a total news blackout on publishing the names of the banks.
One of the large borrowers under this 2019-2020 Fed facility was not even a U.S. bank. On October 8, 2019, the Fed conducted a one-day (overnight) repo loan operation, offering $37.5 billion. Deutsche Bank Securities, a unit of the giant German bank, took two lots totaling $7.5 billion.
On the same day, Deutsche Bank Securities took another $3 billion of a 14-day term repo loan offered by the Fed, bringing its total borrowing from the Fed on just that one day to $11.5 billion. But the 14-day term loan that Deutsche Bank Securities had previously taken on September 27 for $3 billion had not yet expired, so it actually had an outstanding Fed loan balance at that point of $14.5 billion. ...
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