She also admitted to issuing agency checks to "straw recipients, " writing notes on the checks describing purported work performed for the nonprofit agency.

WSJ: Ex-Senator Is Ordered To Return $87,700

The Fed will exchange the Treasury notes for other securities, including federal agency debt, federal agency residential mortgage-backed securities and nonagency AAA-rated private-label residential mortgage-backed securities.

FORBES: Fed To The Rescue!

Much of the problem, notes Tom Rubin, a former chief financial officers for the MTA's predecessor agency, stems from the shift of funding priorities to trains from the city's more affordable and flexible bus network.

FORBES: New Geographer