Fed Turns Over Record Profit $78.4 Billion to Treasury

According to CNBC, the Federal Reserve will turn over a record $78.4 billion to the U.S. Treasury Department as securities portfolios generated larger than expected profits in 2010.  The remittance to Treasury for 2010 is $31 billion more than a year earlier.  "The increase was due primarily to increased interest income earned on securities holdings during 2010," the Fed said in a reference to portfolios that have been fattened by buying that is designed to stimulate a slow-paced recovery.