SHOP
Log in
Don't have an account?
Sign Up Here →
Forgot Password?

Secret Federal Reserve Loans to Wall Street Banks Nets $13 Billion in Profits

November 28, 2011

    Bloomberg.com – November 27, 2011

    The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing.

    The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue.

    Saved by the bailout, bankers lobbied against government regulations, a job made easier by the Fed, which never disclosed the details of the rescue to lawmakers even as Congress doled out more money and debated new rules aimed at preventing the next collapse.

    Keep Reading

    _______________________________________________________
     

    Comments are closed.

    Please help us spread the word about FollowtheMoney.com on Facebook, Twitter,
    and any other social media outlets.

    Silver & Gold

    Call 800-247-2812 now for the best prices on gold and silver coins and receive Free Shipping and Insurance when you mention Follow the Money.

    Weekly Newsletter

    Stay in the loop!
    Sign up today to receive our
    weekly e-newsletter.