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Federal Reserve makes record $52.1bn profit
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Addicted to MacNN
Join Date: Feb 2008
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From here.
The Federal Reserve made a profit of $52.1bn (£84bn) in 2009, a rise of 47% over the previous year.
The sum allowed the central bank to pay a record $46.1bn to the US Treasury last year.
OK, so where did $6bn go?
NOTE : $52.1bn does not equal £84bn but I'm quoting it without any editing.
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Professional Poster
Join Date: Sep 2005
Location: Rochester, NY
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$6bn out of $52.1bn is about 11.5%. Maybe the Fed is allowed to keep a portion of its profit just in case it loses money in the future.
Or, more likely, it is meant to fund maObama's socialist clone army.
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Addicted to MacNN
Join Date: Oct 2002
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"One ticket to Washington, please. I have a date with destiny."
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Clinically Insane
Join Date: Jun 2001
Location: planning a comeback !
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It's all monkey accounting and cooked books.
The Fed does NOT have to use the same accounting rules as private companies. They can basically do with their balance sheet whatever they want. Therefore, any profit number they post can be manipulated to no end.
Just think of the hundreds of billions of mortgages that the Fed took on. Many of those are worth cents on the $, but the Fed shows them on their balance sheet at 100% value. If they had to adjust to fair value, the Fed would have lost billions, rather than "making" billions.
-t
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Addicted to MacNN
Join Date: May 2001
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Say what? Did any of you bother to read the article?
Where did $6bn go?
A better question is where did the other $6 billion in profits come from.
$52.1 billion in profits.
$46.1 billion of the profits are made from the bank loans.
$5.5 from holdings related to the takeover of investment firm Bear Stearns and insurance company American International Group
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Bush Tax Cuts == Job Killer
June 2001: 132,047,000 employed
June 2003: 129,839,000 employed
2.21 million jobs were LOST after 2 years of Bush Tax Cuts.
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