KW writes: A fascinating piece at IBTimes. New information shows that in addition to the TARP funds and bank bailout that Americans know about, there were secret loans from the Federal Reserve to private banks. And, did you know that our US Federal Reserve secretly loaned money to foreign banks? What is that about? My comments on the article (and its status quo bias) are below. A January 2011 video with Ron Paul and Ralph Nader about the Federal Reserve is: here.
(excerpt from) International Business Times
Federal Reserve Lent Private Banks $1.2 Trillion During Financial Crisis’ Acute Stage
IBTimes Staff Reporter | August 21, 2011 9:10 PM EDT
The U.S. Federal Reserve lent private banks about $1.2 trillion in order to maintain credit market liquidity, bank function, and prevent the U.S. economy from plunging in to a depression.
The largest borrower was Morgan Stanley (MS), which received as much as $107.3 billion in loans, Bloomberg News reported Sunday, while Citigroup (C) received $99.5 billion, and the Bank of America (BAC) received $91.4 billion. Bloomberg News obtained the information through Freedom of Information Act requests.
The loan totals far surpass the $160 billion in public bailouts the top 10 banks received from the U.S. Treasury Department. Up until now, the Federal Reserve action was not made public… Read more »
Filed under: 3rd party, cynthia mckinney, Election 2008, Green Party, News, politics, presidential race, progressive politics, Ralph Nader, third party, US Politics, video | Tagged: audit the Federal Reserve, Bloomberg News, Chuck Baldwin, Citigroup, cynthia mckinney, federal reserve, Federal Reserve loans, Freedom of Information, HR459, International Business Times, Monetary Policy, Morgan Stanley, private banks, Ralph Nader, Ron Paul, Tea Party, Third Party politics | 1 Comment »