'This is what a kleptocracy looks like': Billionaire investor Chamath Palihapitiya blasted the Fed for buying foreign companies' bonds | Markets Insider

about its secondary market corporate credit facility , which it launched to stave off a credit crunch during the COVID-19 crisis.

The facility has bought debt issued by more than 85 companies as of June 16, including the US divisions of Japanese automaker Toyota and British energy giant BP. that the facility will track. Bonds issued by Toyota and German automakers Volkswagen and Daimler were the most heavily weighted, each making up more than 1.7% of the index. BMW, Hyundai, Bayer, Unilever, Reliance, and other foreign companies also made the list.

Notably, several of those names employ thousands of Americans, and are large enough that their bonds would feature in many market indexes.Goldman Sachs has formulated a strategy that could triple the market's return within a year as volatility remains higher than normal — including 11 new stock picks for the months ahead

The SMCFF, managed by asset manager BlackRock and partly funded by the US Treasury, could spend up to $250 billion on existing corporate bonds. It has spent nearly $430 million on individual bonds and $6.8 billion on exchange-traded funds as of June 16.for buying bonds issued by Berkshire Hathaway, given it's run by one of the world's wealthiest men and boasted $137 billion in cash at last count.

"Warren Buffett doesn't need a backstop from the Fed," Danielle DiMartino Booth, the head of market-research firm Quill Intelligence,

If he doesn't like public support, then return all tax breaks and Fed support.

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