BANZAI7 NEWS--One year ago, as the nation’s financial system was lurching toward catastrophe, Federal Reserve Chairman Ben S. Bernanke was having his own personal monetary meltdown.
Someone was trying to draw $16 Billion of cash collateral from an account jointly held by Mr. Bernanke and his wife, Anna, as part of what federal prosecutors now say was a wide-ranging credit default swap transaction.
The nation’s top banker was swept up in the scheme when a swap dealer absconded with Ms. Bernanke’s pocketbook from a Wall Street Starbucks in August 2008.
The Bernankes were among hundreds of counter parties involved in the scheme, which prosecutors initially thought was being run by Nigerian derivatives dealers. An unamed prosecutor said: "We quickly realized that the scheme was too big for the Nigerians to handle."
The ring is still believed to be operating in downtown Manhattan.
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