In addition, the FED from 2007-2010 loaned banks $16Trillion for bailouts. Citi got $2.5Trillion...here is the Link:
While Citi paid a paltry fine, it received a massive “bailout” that it will never pay back, like the others.
Our 5 biggest banks have $227T in credit derivative liabilities according the office of the Comptroller of the US. Their collective liquidation value is about $7Trillion. Since their obligations consist of a lot of highly leveraged long term debt (up to 30 years, with 5 year short term financing), there are 5 more bailout requiring refinancing rollover periods of 5 years to go before maturity of the derivative obligations.
The US has not gotten thru the first 5 year “bailout” period measuring from the crash of 2008....there is still the rest of this year all the way to the end of 2013 to go. No debt principal has been paid off at all, just refinancing interest obligations have been met. Europe and the US have not squeaked by at all. There is much more to come, and $16T is mere pittance of what is ultimately due over the next 26 years measuring from 2008, just for bank bailouts, forget US debt and unfunded mandates on top of it all.