[rlucas]

Can grant you that using accounting definitions, jjoonathan is literally correct: the [accounting] profit goes to sociaty (the Fed) here and the debt liability is on the private balance sheet (Walmart).

However, GP is making a point I might take the liberty of rewording as, "privatize the profits and benefits, socialize the risks and costs."

The reworded version is certainly true in economic (not accounting) terms. The profits and benefits accrue to the private side (Walmart) through a lower cost of capital and hence a higher profit margin. The risks and costs are borne by society (the Fed) through the credit risk and the infinitesimal debasement of the currency.

[aaronblohowiak]

As a nit, this isn't as clear cut and dry when you think about qui bono -- The fed's purchase itself increases the value of other outstanding Walmart debt, creating wealth for the other debt holders...