TV News LIES

Wednesday, Mar 01st

Last update05:20:13 AM GMT

You are here News Economy Secret Fed Loans Gave Banks Undisclosed $13B

Secret Fed Loans Gave Banks Undisclosed $13B

E-mail Print PDF

Kenneth D. LewisThe 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 Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now 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.

Saved by the bailout, bankers lobbied against government regulations, a job made easier by the Fed, which never disclosed the details of the rescue to lawmakers even as Congress doled out more money and debated new rules aimed at preventing the next collapse.

A fresh narrative of the financial crisis of 2007 to 2009 emerges from 29,000 pages of Fed documents obtained under the Freedom of Information Act and central bank records of more than 21,000 transactions. While Fed officials say that almost all of the loans were repaid and there have been no losses, details suggest taxpayers paid a price beyond dollars as the secret funding helped preserve a broken status quo and enabled the biggest banks to grow even bigger.

TVNL Comment: Reminder: The Fed is neither a federal agency nor a bank.  What is it?  Who owns it?  How did it get started?  Find out.here.

More...

More...


Most Recent Related Stories...


Deutsche Bank plunges back into the red with $2 billion loss

Deutsche Bank in the redDeutsche Bank is firmly back in the red.Germany's biggest bank posted a net loss of €1.9...

Trump budget plan could add $6tn to public debt in a decade, analysts say

Trump budgetDonald Trump’s tax-cutting and spending plans could add another $6tn to the US public debt over...

Dow hits 20,000 following solid open for US stocks

DOW tops 20,000The Dow Jones industrial average crossed the 20,000 mark for the first time Wednesday, the latest...

Oxfam: Eight men are as rich as half the world

Oxfam : 8 men richer than half the worldThe gap between the super-rich and the poorest half of the world's population is starker than...
 
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!