SF Fed admits a private corporation, pay dividends!!! Published on Nov 19, 2011 David Haynie: "I had a really quick question, the Federal Reserve Bank of San Francisco specifically, is that formed as a private corporation itself?" David Lang: "Ah yes it is actually. yes our state chartered banks, banks under a charter share that and we pay a dividend on those shares." https://m.youtube.com/watch?v=UOEOa9iraeI&feature=youtu.be