U.S. Bailout Money Helped Mostly Foreign Banks
The biggest borrowers from the 97-year-old discount window as the program reached its crisis-era peak were foreign banks, accounting for at least 70 percent of the $110.7 billion borrowed during the week in October 2008 when use of the program surged to a record. The disclosures may stoke a reexamination of the risks posed to U.S. taxpayers by the central bank’s role in global financial markets.
“The caricature of the Fed is that it was shoveling money to big New York banks and a bunch of foreigners, and that is not conducive to its long-run reputation,” said Vincent Reinhart, the Fed’s director of monetary affairs from 2001 to 2007.
The New Spin from the FED is “WHAT’S THE BIG DEAL” …most of the Money was PAID BACK and we should IGNORE the fact that if it wasn’t for lawsuits and the FOIA Act we would of NEVER have known WHO got the Bailout Money.
Note to FELLOW PEONS ” Your Loan MOD has been denied ……as Lybia recieved 73 Loans from Benny worth 35 Billion!
What I want to know is WHAT did the Crooked Banks REALLY use the Bailout Money for… It certainly wasn’t used to save those losing their homes to foreclosure! But we’ll never know because we can’t audit the Federal Reserve and Goldman Sach isn’t gong to tell us how they exploited the Bailout for Profit. My guess is the money was used to buy failing banks and real estate assets for 10 cents on the dollar. How else can we explain the absurd profits Goldman Sachs and Wall Street are booking just 3 years later.
Uppitybanker
