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$7.7 TRILLION - Secret Fed Bailout...follow the money
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Topic: $7.7 TRILLION - Secret Fed Bailout...follow the money (Read 1472 times)
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WhiskeyGirl
Monkey All Star Jr.
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Posts: 7754
$7.7 TRILLION - Secret Fed Bailout...follow the money
«
on:
November 29, 2011, 11:22:33 AM »
Quote
A top House Democrat is calling for a hearing with Federal Reserve Chairman Ben Bernanke following a report that the central bank secretly committed more than $7 trillion to save banks during the financial crisis.
Quote
Information about the loans was withheld from Congress as lawmakers debated and passed the Dodd-Frank financial regulatory reform bill and Consumer Protection Act of 2010, Cummings said. Banks also failed to disclose the information to their shareholders.
Failed to disclose to shareholders? Where exactly did they store the money? Who produced the financial reports?
MBS? Did all those MBS go bust one night? Did $7.7 TRILLION plus disappear overnight? Who exactly did all those banks pay off?
read more here -
http://thehill.com/blogs/on-the-money/banking-financial-institutions/195675-top-democrats-calls-for-hearing-with-bernanke-on-secret-bank-loans
from the comments -
Quote
Yes, YEAHRIGHT, we can thank DEMOCRATS Frank and Dodd for pulling the rug from under Ron Paul and his audit the Fed bill. Thanks for absolutely nothing DEMOCRATS
(they ought to be tried for treason)
It looks like an easy way to get rich to me, DERF, when the cost of the seven trillion in capital is nothing, nada, zero, zippity-do-dah. Not only easy but criminal!
Quote
ACTURG:
The problem here is that due to The Fed's "ZIRP" (Zero Interest Rate Policy) that allowed banks to borrow this money for practically no cost. And it was subsidized off of the backs of seniors and other fixed income investors who looked to their savings accounts and CD's and Treasury Bills | Notes to pay them a decent retirement income.
Instead the banks used it — not to loan to businesses or to home owners — but to line their own pockets with $13B in income from investing it in the markets while granny struggles to get by. Great choice!
The Fed needs a US Legislative oversight body to prevent poor policy plans like ZIRP from being implemented.
How about 'abolish the Fed'?
How much more has the Fed given away that is outside the bailout years? $100 TRILLION? I've read that there is estimated to be $700 TRILLION in derivative contracts.
Are derivatives a big slush fund for insiders? Paid for on the backs of Americans? Causing never ending inflation that destroys lives? Senior's retirements?
Too many insider puppies wanting access to that pot of gold?
just my humble opinions
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
Monkey All Star Jr.
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Posts: 7754
Re: $7.7 TRILLION - Secret Fed Bailout...follow the money
«
Reply #1 on:
November 29, 2011, 11:46:27 AM »
Quote
Moreover, to make matters even worse, we now know that much of this taxpayer money went overseas. While American citizens were getting hit with foreclosures, hundreds of billions of dollars were sent to bail out foreign banks, including many in Europe that are currently foundering. If and when those banks fail, that will impact our nation as well. As Bloomberg journalists Keon and Kuntz note in the August 21st 2011 expose:
Quote
Almost half of the Fed's top 30 borrowers, measured by peak balances, were European firms. They included Edinburgh-based Royal Bank of Scotland Plc, which took $84.5 billion, the most of any non-U.S. lender, and Zurich-based UBS AG (UBSN), which got $77.2 billion. Germany's Hypo Real Estate Holding AG borrowed $28.7 billion, an average of $21 million for each of its 1,366 employees.
The largest borrowers also included Dexia SA (DEXB), Belgium's biggest bank by assets, and Societe Generale SA, based in Paris, whose bond-insurance prices have surged in the past month as investors speculated that the spreading sovereign debt crisis in Europe might increase their chances of default.
How many also got AIG pass through money?
Quote
Bloomberg has an interactive chart that I strongly recommend the reader review. Just look at it. Perhaps Texas Governor Perry could be excused for calling the Federal Reserve Board leadership borderline treasonous.
http://www.bloomberg.com/data-visualization/federal-reserve-emergency-lending/#/overview/?sort=nomPeakValue&group=country&view=peak&position=0&comparelist=&search=
Quote
More recently, Zerohedge is reporting that another $88 billion has been moved out of the Federal Reserve into a list of recipients labeled as "other" on its journals.
http://www.zerohedge.com/news/plot-thickens-more-weekly-88-billion-outflow
Quote
If we are to continue to exist as a nation, we must put an end to this madness.
The rule of law must be established and enforced.
"The last official act of any government is to loot the treasury."
- George Washington
read more here -
http://www.americanthinker.com/blog/2011/11/federal_reserve_shennanigans.html
Logged
All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
Monkey All Star Jr.
Offline
Posts: 7754
Re: $7.7 TRILLION - Secret Fed Bailout...follow the money
«
Reply #2 on:
November 29, 2011, 11:51:47 AM »
Quote
Hating on Treasury
A pair of scoops from Bloomberg/Businessweek this week have put some real tarnish on two Treasury Secretaries, and will make it a bit harder, I think, for Obama to channel the kind of outsider energy that's currently motivating the most energized elements of the left.
One story tells how Hank Paulson allegedly told hedge fund managers the opposite of what he was telling the New York Times -- and thus, the public -- about Freddie and Fannie; the other details the massive Federal Reserve loans whose outlines were known but whose details Bloomberg sued to pry from the government, making the bankers who secretly relied on government loans vastly larger than TARP, and the government that dispensed them, look substantially worse. Tim Geithner, according to Bloomberg, knew the details the loans; legislators did not.
It's the sort of policy move that politicians barely even try to defend, much less execute with buy-in from the public, but one they genuinely believe saved the financial system from disaster.
source -
http://www.politico.com/blogs/bensmith/1111/Hating_on_Treasury.html?showall
Logged
All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
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