UK banks borrowed more than £640bn ($1 trillion) from US Federal Reserve

London Daily Telegraph ^ | December 2, 2010 | Richard Blackden and Harry Wilson

[Zakeet]

British banks borrowed more than $1 trillion (£640bn) from the Federal Reserve during the financial crisis, led by Barclays following its swoop on the US business of Lehman Brothers.

The disclosures came because the Dodd-Frank Wall Street Reform Act forced the Fed to reveal which banks and companies it lent money to in an effort to shore up the financial system from the end of December 2007 onwards.

It released the details of more than 21,000 individual transactions on its website on Wednesday, which showed that British banks represented more than a third - about $1.5 trillion - of the $3,300bn lent by the US authorities to prop up the financial sector.

Barclays borrowed $863bn from the Fed, with almost half coming in overnight loans through the Primary Dealer Credit Facility, a programme established by the central bank to help those banks that deal in US Treasuries.

Barclays has since repaid all its loans and said that much of its then borrowing was down to its purchase of Lehman’s US business.

Royal Bank of Scotland borrowed $446bn, Bank of Scotland $181bn, Abbey National $19bn and HSBC borrowed less than $10bn.

The figures for the banks represent the total amount they borrowed and not the total outstanding borrowing at any one point.

RBS said it no longer used any of the Fed scheme and had “significantly reduced” its borrowing from central banks.

The Fed said on Wednesday that the fact banks from across the world has tapped its emergency lending “reflected the severe market disruptions during the financial crisis and generally did not reflect participants’ financial weakness”.

The emergency measures by the Fed helped swell the country’s deficit, something that was labelled on Wednesday as the greatest threat to America’s prosperity and security.

[Zakeet]

[Red in Blue PA]

Hmmmm, why can’t we the people get one of these 1% loans?

[November 2010]

Government of the bankers, by the bankers, and for the bankers.

Tea Party needs to get active again after the post election rest.

[GeronL]

devaluing the dollar a little more every day

[DManA]

Let me explain the logic. The goal is to drain America of its wealth.

But if they drain our wealth in the name of helping third world poor people Americans get mad.

So their logic is if they drain our wealth in the name of helping over privileged first world dick weeds we will be happy.

[ZULU]

Based on the latest Drudge Report article, this went went further than just British banks and started in 2007.

Both Bush and Obama are globalists. They just use different approaches.

These banks are as bad as any of those international corporations now being targeted by the Tea Party.

Being supportive of free enterprise and capitalism should NOT mean standing by and allowing foreigners to rape America and the American tax payer.

[a fool in paradise]

Boosting the UK pound at the cost of the US dollar. Nice.

Barack Obama, digging at the United States wherever he can.

[a fool in paradise]

Let me explain the logic. The goal is to drain America of its wealth.

Duh. Nations' wealth is always plundered when Socialists take over.

Spend the United States into debt it cannot recover, hand out trillions to connected interests (like ACORN and the unions) and get back some of that squirreled money at election time (or for preferred treatment in retirement).

Obamanomics hasn't aided the US economic recovery because that was never Barry O's goal.

[a fool in paradise]

Yep.

[scooby321]

Its all monoply money anyway. The whole world is going to default. Let people in sense 1994 think they were rich and even a idiot could buy real estate or stock in a tech company that lost money and traded over a 100.00 a share

[unkus]

Its all monoply money anyway. The whole world is going to default.

---

And a big gust of wind is headed toward that house of cards.

[Qbert]

Meanwhile, here in the U.S., 140 banks were closed in 2009, and IIRC, close to 150 more up to mid-Nov. 2010...

http://www.fdic.gov/bank/historical/bank/index.html

[GraceG]

So we bailed out europe and they still hate us, time to smash the mouth that bites us after we feed it...

To hell with trying to be europe’s friend.

[FromLori]

I’m glad you brought that up no one seems to take that into account looks like a way to get rid of the competition I’d say.

Don’t forget the problem bank list continues to grow.

FDIC’s ‘problem’ bank list grows to 860

http://www.bizjournals.com/sanfrancisco/news/2010/11/23/fdics-problem-bank-list-grows-to-860.html

But it wasn’t only European Banks I was shocked to see Canadian Banks,Toyota,etc on the list.

http://www.zerohedge.com/article/meet-35-foreign-banks-got-bailed-out-fed

This really ticks me off too! The foreign banks were allowed to offload mortgages onto the Fed. (us really NOW OWNED by taxpayers)

The measure, initiated in Jan. 2009 to stimulate the flow of credit and keep household borrowing costs low, led the nation’s central bank to purchase more than $1.1 trillion in mortgages packaged into the form of securities. The mortgage bonds are backed by Fannie Mae and Freddie Mac, the twin mortgage giants NOW OWNED by taxpayers.

Deutsche Bank, a German lender, has sold the Fed more than $290 billion worth of mortgage securities, Fed data through July shows. Credit Suisse, a Swiss bank, sold the Fed more than $287 billion in mortgage bonds.

much more

http://www.insurancemaking.com/business-general/55112-fed-opens-books-revealing-european-megabanks-were-biggest-beneficiaries.html

[Zakeet]

So we bailed out europe and they still hate us, time to smash the mouth that bites us after we feed it...

I lived and worked in Britain for six years.

One day on a train commute into the City, a Brit who knew I was an American was complaining bitterly to me about the U.S. military presence in Europe. He didn't like the inconvenience they caused and the Military's putting him "in the cross hairs."

I snapped.

I reminded him that my country had spilled a lot of blood bailing their sorry asses (exact term) out of the past two world wars.

I noted that our presence was required to keep the peace-loving assholes (exact term) from finishing the job of exterminating themselves.

I said that as a U.S. taxpayer, I didn't appreciate this expense; and as a U.S. citizen I didn't appreciate my friends and relatives being placed in jeopardy for their benefit.

I pointed out that the level of the European's constant complaining would cause one to believe that some G.I. had screwed every one of their mothers.

I concluded with the statement that, in my opinion, the these were the only ones who were entitled to complain.

You could hear a pin drop from anywhere within the entire carriage for the remainder of the journey.

[Qbert]

Very interesting- thanks FromLori.

Here’s a related article from a few months ago: “Six Giant Banks Made $51 Billion Last Year; The Other 980 Lost Money”

http://www.forbes.com/2010/06/03/goldman-sachs-citigroup-markets-lenzner-morgan-stanley.html

[SunkenCiv]

Thanks Zakeet.

[GOPJ]

Our country is broke - and these guys are acting like pimps at a nightclub filled with 18 year old girls. I’m sickened.

[familyop]

Free traitors still have that Euro-philia thing going on, as we watch them fall.