Sunday, September 20, 2009

What exactly did the Fed do with Two Trillion Dollars ?

Despite Ben Bernanke's protestations, Congress must be given full access to audit the Federal Reserve's loans expenditure

To combat the financial crisis set off by the collapse of the housing bubble, the Federal Reserve Board has lent out more than $2tn through various special lending facilities. While the Fed discloses aggregate information on the loans made through each of the facilities, it will not disclose how much money it lent to specific banks or under what terms. By contrast, the Treasury puts this information about its $700bn TARP bailout up on its website.

1 comment:

  1. Fed Secretly "Stuffed" $500 Billion into "Foreign Private Pockets" and Gave $230 Billion to Citi "As a Secret Bailout" -

    "we examined the Fed balance sheet and P&L statement only to find what looked like the Fed handing over half a trillion dollars to foreigners. This was very surprising! When I asked Chairman Bernanke if this was true, he said, “Yes.” When I asked him who got the money, he said, “Fourteen foreign Central Banks.” And when I asked to who did they give the money, he said, “I don’t know.” “I don’t know” is not good enough when you’re talking about $500 billion. That’s $1700 for every man, woman, and child in this country..."

    http://www.washingtonsblog.com/2009/09/congressman-grayson-fed-secretly-gave.html

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