NY Fed Names Two New Primary Dealers

The New York Federal Reserve has added MF Global Inc. and SG Americas Securities, LLC to the list of Primary Dealers.

PDs are the elitist banks that are cleared to trade directly with the Federal Reserve, when the Fed conducts its money pumping operations. I suspect that the Fed through these trading operations shoveled billions to PDs by buying high from the PDs and selling low to them, during the financial crisis.

Not surprisingly, the Chairman and CEO of MF Global is the former Chairman og Goldman Sachs, Jon Corzine.

SG America is a subsidiary of Société Générale. Société Générale has always been a favorite son of the U.S. power elite.

AIG has disclosed that, among its counterparties, Société Générale was the largest recipient of both credit default swap (CDS) collateral postings ($4.1 bn) and CDS payments ($6.9 bn), payments made possible by the 2008 U.S. government bailout of AIG.

Blankfein, Balmer to Meet w/Prez and Hu

Before the corporate sit-down.

 
Microsoft CEO Steve Ballmer and Goldman Sachs CEO Lloyd Blankfein will be among the corporate elite Preident Obama is bringing together today for a meeting with Chinese President Hu Jintao, Bloomberg is reporting.

Also invited to the meeting were:

General Electric CEO Jeffrey Immelt

Boeing CEO Jim McNerney

Westinghouse Electric Corp. CEO Aris Candris

Former Sybase Inc. chief executive John Chen

Coca-Cola Co. chief executive Muhtar Kent

DuPont Co. CEO Ellen J. Kullman

Cargill Inc. CEO Greg Page
Chairman of HSBC Holdings Plc’s North American division, John Thornton

Co-founder and managing director of Carlyle Group, David Rubenstein

Intel Corp. CEO, Paul Otellini

Dow Chemical Co. CEO Andrew Liveris