merci, danke, grazie to the US

Here, finally, is the list of European banks that the 2008 US bailout
helped to keep afloat.
If that doesn't piss off a large chunk of the US, nothing will.

Bernanke saying "I don't know where the money went":




-Costick67 ~(8^P
checkitout:
Zerohedge , Tyler Durden
What this observation also means, is that the bulk of risk asset purchasing by dealer desks (if any), has not been performed by US-based primary dealers, as has been widely speculated, but by foreign dealers, which have the designation of "Primary" with the Federal Reserve. Below is the list of 20 Primary Dealers currently recognized by the New York Fed. The foreign ones, with US-based operations, are bolded:[sorry, not sure about the bolded ones, but found most of the obvious ones]

* BNP Paribas Securities Corp.
* Barclays Capital Inc.
* Cantor Fitzgerald & Co.
* Citigroup Global Markets Inc.
* Credit Suisse Securities (USA) LLC
* Daiwa Capital Markets America Inc.
* Deutsche Bank Securities Inc.
* Goldman, Sachs & Co.
* HSBC Securities (USA) Inc.
* Jefferies & Company, Inc.
* J.P. Morgan Securities LLC
* MF Global Inc.
* Merrill Lynch, Pierce, Fenner & Smith Incorporated
* Mizuho Securities USA Inc.
* Morgan Stanley & Co. LLC
* Nomura Securities International, Inc.
* RBC Capital Markets, LLC
* RBS Securities Inc.
* SG Americas Securities, LLC
* UBS Securities LLC.

That's right, out of 20 Primary Dealers, 12 are.... foreign. And incidentally, the reason why we added the (if any) above, is that since this cash is fungible between on and off-shore operations, what happened is that the $600 billion in cash was promptly repatriated and used by domestic branches of foreign banks to fill undercapitalization voids left by exposure to insolvent European PIIGS and for all other bankruptcy-related capital needs. And one wonders why suddenly German banks are so willing to take haircuts on Greek bonds: it is simply because courtesy of their US based branches which have been getting the bulk of the Fed's dollars in 1 and 0 format, they suddenly find themselves willing and ready to face the mark to market on Greek debt from par to 50 cents on the dollar. And not only Greek, but all other PIIGS, which will inevitably happen once Greece goes bankrupt, either volutnarily or otherwise. In fact, the $600 billion in cash that was repatriated to Europe will mean that European banks likely are fully covered to face the capitalization shortfall that will occur once Portugal, Ireland, Greece, Spain and possibly Italy are forced to face the inevitable Event of Default that will see their bonds marked down anywhere between 20% and 60%. Of course, this will also expose the ECB as an insolvent central bank, but that largely explains why Germany has been so willing to allow Mario Draghi to take the helm at an institution that will soon be left insolvent, and also explains the recent shocking animosity between Angela Merkel and Jean Claude Trichet: the German are preparing for the end of the ECB, and thanks to Ben Bernanke they are certainly capitalized well enough to handle the end of Europe's lender of first and last resort.