Crushing Debt!
The Fed made $16.1 trillion in secret loans to their banker friends since the financial crisis.
Out of all borrowers, Citigroup received the most financial assistance from the Fed, at $2.5 trillion. Morgan Stanley came in second with $2.04 trillion, followed by Merill Lynch at $1.9 trillion and Bank of America at $1.3 trillion.
Approximately $3.08 trillion in nearly interest-free loans went to foreign financial institutions all over Europe and Asia.
The $16 trillion loan averages out to $12.5 billion per day in overnight loans for the last 3.5 years, i.e., the entire $16 trillion was never outstanding at any given time.
So who gave the Federal Reserve permission to bail out financial institutions all over the world? Nobody did.
The Fed and the big banks are one and the same. This is the real story.
They also paid their bankster friends over $600 million to help the Fed manage the lending process.
The Fed provided conflict of interest waivers to bank employees and contractors so they could keep investments in the same financial institutions and corporations that were given loans.
In fact, the Federal Reserve ended up having the banksters basically run the entire emergency lending program. This is a classic case of the foxes watching the hen house.
Basically the Fed -- an unaccountable private monopoly -- creates our money, sets our interest rates, regulates our banking system and makes secret loans to whoever they want.
And was Fed money used to pay off the TARP loans? We're told what a good investment TARP was and how we've made money on the loans. Just like GM using one set of loans to pay back another set of loans and then crowing about their taxpayer bailout (it was all just a shell game).