Posted 3 years ago on Nov. 30, 2011, 9:09 a.m. EST by mha
This content is user submitted and not an official statement
"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.