TV News LIES

Thursday, Jul 31st

Last update02:09:30 AM GMT

You are here News Economy Why is the Federal Reserve Propping Up the Bank of Libya?

Why is the Federal Reserve Propping Up the Bank of Libya?

E-mail Print PDF

Federal Reserve  HeadquartersVermont Senator Bernie Sanders has for months been leading the charge to expose the sweetheart deals the Federal Reserve has worked out for multinational banks and corporations at the same time that working Americans, small businesses, local governments and schools boards struggle to stay afloat financially.

Sanders has tried to make the point that it is simply absurd for the Fed to bail out foreign firms and bad banks and to provide them with low-interest loans at the same time that they are reaping massive profits – and at the same time that federal, state and local governments are supposedly broke.

The Obama White House and other members of Congress grudgingly went along with a proposal Sanders made, as part of last year’s Wall Street reform legislation, to force the Fed to reveal its previously secret bailouts and backroom deals. But, for the most part, official Washington has been slow to share the Vermont senator’s outrage.

They may change now that Sanders is exposing what may be the most unsettling Fed deal yet.

On Thursday, the senator asked Federal Reserve officials to explain why they provided more than $26 billion in credit to an Arab intermediary for the Central Bank of Libya. According to a review by Sanders’ office, the Fed made at least 46 emergency, low-interest loans to the Arab Banking Corp., in which the Central Bank of Libya owns a 59 percent stake.

More...


Most Recent Related Stories...


Judge Orders Bank Of America To Pay $1.3 Billion Fine

Bank of AmericaA federal judge has ordered Bank of America to pay a $1.27 billion fine for fraud...

Banks accused of rigging silver price

silver price riggingDeutsche Bank, HSBC and Bank of Nova Scotia have been accused of attempting to rig the...

A third of Americans delinquent on debt

Americans in debtMore than a third of the country is in trouble when it comes to paying debts...

85 wealthiest are richer than poorest 3.5 billion

gatesThe U.N.'s annual Human Development Report released Thursday shows that the world's 85 richest people are...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!