The Lacuna Project

lacuna (n.) a gap in a record where something should be

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Agency

Federal Reserve Bank of New York

Documented positions

Documented money flows

Findings that rest on exhibits naming this entity

  • POL-8.4: GAO's Table 8 totals $16,115 billion of loans across the Fed's broad-based emergency programs by adding every renewal of overnight loans without adjusting for term, and GAO found that loans outstanding peaked above $1 trillion in late 2008. Senator Sanders's release of 21 July 2011 described the audit as uncovering "$16 trillion in secret loans."
  • POL-8.5: GAO reported that JPMorgan Chase was both a borrower and a vendor in the Fed's emergency programs while its chief executive served as a Class A director of the Federal Reserve Bank of New York. The New York Fed's releases name Jamie Dimon, JPMorgan Chase's chief executive, as a Class A director from January 2007, reelected in February 2010 for a term ending December 2012.
  • POL-8.6: GAO identified at least 18 current and former directors from 9 Reserve Banks who were affiliated with institutions that used at least one emergency program, including 11 Class A directors who served between 2008 and 2010, and wrote that member-bank representatives on Reserve Bank boards create an appearance of a conflict of interest. GAO also found no evidence of systemic bias toward favoring particular institutions in the emergency programs.
  • POL-8.7: Stephen Friedman resigned as Class C director and chairman of the New York Fed on 7 May 2009, writing that he had remained on the board under a Board of Governors waiver after Goldman Sachs became a bank holding company. The New York Fed's general counsel stated that Friedman's purchases of Goldman shares in December 2008 and January 2009 did not violate any Federal Reserve statute, rule or policy.
  • POL-8.8: From 2008 to 2010 the New York Fed paid BlackRock fees across seven contract lines that sum to $212.0 million in GAO's tables. Four of the lines, worth $194.5 million, were awarded noncompetitively: Maiden Lane ($107.6 million), Maiden Lane III ($50.0 million), Maiden Lane II ($24.1 million) and Citigroup valuation ($12.7 million).
  • POL-8.9: On 24 March 2020 the New York Fed retained BlackRock Financial Markets Advisory as investment manager of the corporate credit facilities, and in February 2021 it ended or replaced BlackRock's roles. The published agreement of 11 May 2020 made BlackRock a fiduciary, barred fees on the facility's ETF holdings including BlackRock ETFs, and required neutral treatment of BlackRock ETFs.
  • POL-8.10: The Fed's trade-level workbook records $8,434,795,268 of ETF purchases by the Secondary Market Corporate Credit Facility between 12 May and 23 July 2020. BlackRock-sponsored ETFs were 48.9 percent of the total, Vanguard 34.2 percent and State Street 15.6 percent.

Exhibits naming this entity

  • Exhibit 784 July 2011. U.S. Government Accountability Office: Federal Reserve System: Opportunities Exist to Strengthen Policies and Processes for Managing Emergency Assistance (GAO-11-696)
  • Exhibit 787 7 May 2009. Federal Reserve Bank of New York: New York Fed: Stephen Friedman Resigns as Chairman of the New York Fed's Board of Directors
  • Exhibit 788 7 May 2009. Stephen Friedman: Letter of Stephen Friedman to William C. Dudley, resigning as Class C Director and Chairman, Federal Reserve Bank of New York
  • Exhibit 789 20 November 2006. Federal Reserve Bank of New York: New York Fed: Dimon, Bollinger to Join New York Fed Board of Directors, Nooyi Reelected to Second Term
  • Exhibit 790 5 February 2010. Federal Reserve Bank of New York: New York Fed: Jamie Dimon and Jeffrey B. Kindler Reelected New York Fed Directors
  • Exhibit 791 Page opened 10 November 2026 (facility announced 23 March 2020). Federal Reserve Bank of New York: New York Fed: Primary Market Corporate Credit Facility (vendors section)
  • Exhibit 792 Page opened 10 November 2026 (facility announced 23 March 2020). Federal Reserve Bank of New York: New York Fed: Secondary Market Corporate Credit Facility (vendors and announcements)
  • Exhibit 793 11 May 2020. Federal Reserve Bank of New York: Secondary Market Corporate Credit Facility Investment Management Agreement between Corporate Credit Facilities LLC and BlackRock Financial Markets Advisory (with exhibits)
  • Exhibit 794 30 December 2021. Board of Governors of the Federal Reserve System: Secondary Market Corporate Credit Facility transaction-specific disclosures (Section 11(s)), workbook released 30 December 2021