2046 Posted April 11, 2010 Report Share Posted April 11, 2010 I thought this was interesting. NPR has an article regarding the Fed's ownership of a strip mall in Oklahoma City. http://www.npr.org/templates/story/story.p...ft=1&f=1001 As part of the bailouts of AIG and Bear Stearns, the Federal Reserve Bank of New York spent more than $70 billion to buy toxic assets the companies owned. Last week, prompted by a lawsuit filed by Bloomberg News, the Fed finally told the world exactly what it bought. The Fed now owns loans to Hilton hotels in Hawaii, Puerto Rico, Malaysia and Trinidad. It owns loans to the Miami airport, and the Civic Opera House in Chicago. It also owned a loan to Crossroads Mall in Oklahoma City. Then, when the owners of the mall couldn't make the payments, the Fed foreclosed. So now it owns the mall, which includes a Chick-fil-A and an AMC theater. Quote Link to comment Share on other sites More sharing options...
utabintarbo Posted April 12, 2010 Report Share Posted April 12, 2010 IIRC, the Fed is constrained by law to only purchase securities backed by the full faith and credit of the US. Not sure a strip mall qualifies. Quote Link to comment Share on other sites More sharing options...
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