What does the Fed Own?

Well, a shopping center in OKC for one:

Those wondering exactly what kind of garbage may be the Fed’s balance sheet would be interested in reading Deserted shopping mall bleak symbol of Fed bailout.

A $29 billion trail from the Federal Reserve’s bailout of Wall Street investment bank Bear Stearns ends in a partially deserted shopping center on a bleak spot on the south side of Oklahoma City.

The Fed now owns the Crossroads Mall, a sprawling shopping complex at the junction of Interstate highways 244 and 35, complete with an oil well pumping crude in the car park — except the Fed does not own the mineral rights.

Read the whole thing.


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