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Forum Post: * Fed Loans Gave Banks * $13 Billion Profit(!) * Undisclosed to Congress and Public *

Posted 10 years ago on Nov. 30, 2011, 9:09 a.m. EST by mha (142)
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"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 size of the bailout came to light after Bloomberg LP, the parent of Bloomberg News, won a court case against the Fed and a group of the biggest U.S. banks called Clearing House Association LLC to force lending details into the open. The Fed, headed by Chairman Ben S. Bernanke, argued that revealing borrower details would create a stigma.

Until now no one calculated 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."

Just imagine what $13 Billion could do for the public. Instead: more profits for the shareholders and the CEO's. It makes me sick.

Of the 1%, by the 1%, for the 1%! that's what our democracy is.

Must Read: http://www.bloomberg.com/news/2011-11-28/secret-fed-loans-undisclosed-to-congress-gave-banks-13-billion-in-income.html




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[-] 1 points by MonetizingDiscontent (1257) 10 years ago

:::::Jamie Dimon Loves Bernanke's Stealth Bailout Sugar:::::

(((Video))) http://dailybail.com/home/jamie-dimon-loves-bernankes-stealth-bailout-sugar.html

(Runs approximately 50 seconds.)

Mark Pittman's legacy lives on: http://dailybail.com/display/Search?moduleId=4521698&searchQuery=mark+pittman ...Fight the banks and their stealth honey pots... http://dailybail.com/home/secret-fed-loans-helped-banks-net-13-billion.html ...managed dutifully by keepers Geithner and Bernanke.

Mark Pittman Remembered: The Man Who Fought The Fed:


Dylan Ratigan On The Legacy Of Bloomberg Reporter Mark Pittman


"Who Sues the Fed And Wins? One Reporter On The Planet," Bloomberg's Mark Pittman Dies At 52


[-] 1 points by AuditElmerFudd (259) 10 years ago

No one should've been given that money in the first place and the Federal Reserve needs to go. Shut it down.

[-] 1 points by demcapitalist (977) 10 years ago

The fed works as long as we have Glass/Steagall in place. the fed was created in 1913 the exact same thing -------over leveraged loans for speculation happened and crashed the market 16 years later now 8 years after the repeal of Glass/Steagall in 1999 we are funding a massive wall street gambling bailout.

[-] 1 points by mha (142) 10 years ago

another unbelievable fact: http://www.youtube.com/TheYoungTurks#p/u/13/HcwdQ-3_ueA

the young turks are really a great source for news.

[-] 1 points by AuditElmerFudd (259) 10 years ago

They are an interesting source of opinion, but Cenk is sometimes just a loudmouth who gets it all wrong.

[-] 1 points by guru401 (228) 10 years ago

It's not actually $13 billion. That is reportedly the profit banks made on all the money given to them by the Federal Reserve. All in all, the Fed gave the banks $7.7 trillion in combined funding through various mechanisms. The $13 billion is just profit.

[-] 1 points by mha (142) 10 years ago

yeah, i just pointed that fact out in the headline.

[-] 0 points by fjolsvit (957) from Washington, DC 10 years ago

I hate to say this, but it smells a whole lot like "limited hangout".

[-] 0 points by Cocreator (306) 10 years ago

Give the money to the people, all this bailout money could stimulate the world economy,instead a very small few, greedy,selfish,deviants,get to play like they are Kings of the World..

[-] 1 points by mha (142) 10 years ago

Of the 1%, by the 1%, for the 1%