From Zero Hedge today
Treasury Borrowing Advisory Committee
The Supercommittee That Really Runs America - Presenting The November 1 TBAC Minutes
Submitted by Tyler Durden on 11/02/2011 09:26 -0400
Bank of New York Blackrock Borrowing Costs Debt Ceiling Department of the Treasury Federal Reserve Federal Reserve Bank Federal Reserve Bank of New York fixed Goldman Sachs goldman sachs Gross Domestic Product KIM Medicare Paul Tudor Jones Real estate recovery REITs Securities Industry and Financial Markets Association Supplemental Financing Program Tim Geithner Treasury Borrowing Advisory Committee
With Tim Geithner having proven repeatedly and beyond a reasonable doubt he has insurmountable intellectual challenges, many have wondered just who it is that makes the real decisions at the US Treasury? The answer is, The Treasury Borrowing Advisory Committee, or the TBAC in short, chaired by JP Morgan and Goldman Sachs, which meets every quarter, and in which the richest people in America (here is its composition) set the fate of the US for the next 3 months in the form of a very much irrelevant report to TurboTax (link). What is of huge importance, however, are the minutes, which unlike the FOMC, are released immediately following the meeting. Below are the full minutes from the latest TBAC meeting held yesterday, just released by the US Treasury (and yes, the issuance of FRN Treasurys, corporate cash hoarding as well as the resumption of the SFP program are both discussed - like we said: these guys run the world) as well as the critical associated powerpoint.
AI
