Since I'm one of the few people (outside of
Oak Brook IL) who knows anything about the
underground real estate and finance arm of
McDonald's Corporation I found the news that
broke this week both interesting and amusing.
In articles such as THIS ONE it was reported
that McDonald's was a recipient of government
funds in the Federal Reserve’s emergency
lending during the financial crisis.
Oak Brook was quick to release a statement
“McDonald’s Corporation was erroneously listed
by the Federal Reserve Bank as a recipient of
federal funds during the financial crisis of 2008.
McDonald's Corporation did not issue commercial
paper as a participant in the Commercial Paper
Funding Facility(CPFF). We believe the reason
for the error is that McDonald’s Corporation is
inaccurately listed as the parent/sponsor company
of Golden Funding Corporation, an independently-
owned company which did receive federal funding
during this period.”
Well...that's not entirely true. At least not to those
of us who refuse to consider the major suppliers to
McDonald's "independent companies". Golden Funding is
Golden Mac and is one arm of the vast System Capital
Corporation empire set up in the 1990s by McDonald's
and six of the major suppliers.
I find it entertaining to see how nervous Oak Brook
gets when anyone asks about what System Capital owns
or what it does.
But to call it "independent"?
I don't think so.