Skip to comments.Federal Reserve Board Members Gave Their Own Banks $4 Trillion in Bailouts
Posted on 06/14/2012 9:00:07 PM PDT by Errant
Following the 2008 financial crisis, the Federal Reserve provided more than $4 trillion in near zero-interest loans and other help to banks and businesses whose executives also served as directors for the national bank.
At least 18 current and former Fed regional bank directors had a direct stake in the trillion-dollar bailout given to teetering institutions, according to a report produced by the Government Accountability Office, but released by Senator Bernie Sanders (I-Vermont).
To bolster his case, Sanders cited the example of Jamie Dimon, chief executive officer of JPMorgan Chase. A director of the Federal Reserve Bank of New York since 2007, Dimon was part of the Feds leadership when it approved $391 billion in emergency funds to JPMorgan Chase to help it through the Wall Street chaos.
In another example, Jeffrey Immelt, the CEO of General Electric, was a member of the New York Federal Reserve when it created the Commercial Paper Funding Facility, which then lent $16 billion to
(Excerpt) Read more at allgov.com ...
Well, this is why Ayn Rand used the term “looters” ...
0% interest = Sharia Law
Step 2. Disband the Federal Reserve Bank.
The future of this country and the well being of its citizens are less than incidental to him and HIS interests!
I am embarrassed to be an American right now because it's obvious to the world how truly gullible and idiotic we are in electing THEN tolerating a bounder like this!
This figure is the sum of a series of overnight loans during a period of a few months. Each loan had to be paid back the next morning, and was.
I downloaded a zip file containing 100 spreadsheets showing the amount of each day’s loan to each bank. It is most interesting, since by comparing the dates in spreadsheets, you can find out which banks had to rely on overnight funding from the Fed for the longest period.
There is a reason Christ chased the money lenders out of the temple.
One thing to keep in mind, the FED is owned by the member banks and functions as the central bank of the US. From that perspective it is not unusual for them to feather their own nests I guess. Tiny Tim was the president of the NY Fed and I believe it was he who demanded the Treasury tell Congress they needed a $750billion financial bailout in 08 and TARP was born. Of course, it was used for anything under the sun which had somekind of financial basis to it.
That's what I'm talking about!
Likely the ones in the most trouble or just the most greedy?
Hadn't thought of that; great point!
This was a liquidity crisis, not a solvency problem. The ones that needed the Fed money the longest would have been the ones that everyone else is reluctant to loan overnight money too. They probably did have some potential solvency problems for a while.
Thanks for clarifying!
What else do you expect from the Federal reserve?
Seriously why would anyone expect a government created institution with the effective power to “print money” and “lend” that money to anyone would do with that power?
Of course they are going to give it out to themselves and their friends! But more economics corrupting then even that, they will give out that money to economic fraudsters and speculators to finance their speculation & fraud and prevent their otherwise inevitable collapse.
This is precisely what the Federal Reserve was designed to be able to do. It was sold by progressive to a rediculessly nieve public that the Federal reserve would somehow resolve their economic woes but quite the contrary it exacerbated them in almost every way.