New York Fed Warehousing Junk Loans On Its Books: Examiner's Report

Junk is the kindest of descriptions.
Most of these items are worthless and will never recover.
Lies are everywhere.
Creative bookkeeping is everywhere.
Repos are sold for no business purpose other than hiding debts.
This cannot win the day.

They can’t even be called CRAP loans… you can at least grow flowers or veggies in crap….these loans have no value at all…..

As Lehman Brothers careened toward bankruptcy in 2008, the New York Federal Reserve Bank came to its rescue, sopping up junk loans that the investment bank couldn't sell in the market, according to a report from court-appointed examiner Anton R. Valukas.

Source: huffingtonpost.com