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They get 6% on their "shares"

And is very nice risk free income....not to mention JPM and other Fed Resereve primary dealers who get a free gift in the billions each year by the Federal Reserve not buying Treasury debt directly. NY Fed buys (and have been a tremendous net buyer for a few years) Treasury debt from intermediaries such as Goldman and JPM. Amazing how JPM is a NYFed member bank and gets this free gift each year in the hundreds of millions from the NYFed. Maybe a billion? You tell me

NY Fed's current list of primary dealers. Some are new but the older ones must be senior and get more action and free Fed money

Bank of Nova Scotia, New York Agency
BMO Capital Markets Corp.
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 LLC
J.P. Morgan Securities LLC
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.