When the Fed dropped the Discount Rate in August and wanted to encourage the commercial banks, it staged a ceremonial borrowing by C, JPM, BAC and WB.  Remember that?  They each borrowed $500 million to show others how to do it.  Most importantly, they said they didn’t really need the money but were showing support for the Fed’s actions and to reduce the stigma associated with borrowing from the Discount Window.  Within a few days, the $2 billion of ceremonial money was returned and we know what happened after that - almost no one else borrowed for months.  And by the way, consider what we ended up learning over the next few months about the four banks that stepped up to the plate.   According to them at the time, they didn’t need the liquidity.  Okay - whatever you say!  So forgive me if I am not impressed by Goldman and Lehman testing out the Fed’s new play thing and showing up for the PDCF ceremonies.  According to them, their liquidity is excellent, maybe even “the best it’s ever been”.  And by the way, they didn’t need the facility but were trying to support the Fed and help reduce the stigma.  Okay - whatever you say!