Here’s the actual GAO report.
http://www.scribd.com/doc/60553686/GAO-Fed-Investigation#outer_page_144
After having seized every bit of their assets to pay this down.
When the hell are we going to wake up and hold them accountable?
$16 trillion does not seem possible. Somebody (lots of somebodies) have nice Swiss account by now and/or huge slush funds.
These people are outright criminals. This report should result in Congressional hearings and a decision to end the Federal Reserve. However, I am not holding my breath. There will crickets heard in Congress and nary a mention in the press. It’s only 16 trillion dollars secretly guaranteed by the US tax payer. That’s not important. What’s really important is that Rush Limbaugh said we should not have to pay for Sandra Fluke’s whoopie time-related health care expenses.
The list of institutions that received the most money from the Federal Reserve can be found on page 131of the GAO Audit and are as follows..
Citigroup: $2.5 trillion ($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion ($868,000,000,000)
Bear Sterns: $853 billion ($853,000,000,000)
Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)
and many many more including banks in Belgium of all places
VAN SUSTEREN, FOX News: People think of him as hawkish on the budget, on expenses, but he voted for TARP. He voted for the auto bailout, voted for two stimulus in ‘08, voted against the ‘09 — February ‘09 President Obama stimulus. How does — I mean, how does he explain those, or I mean, how does — politically, how does he sell that?
BOEHNER: I mean, I think that he's a practical conservative. He's got a very conservative voting record, but he's not a knuckle-dragger, all right? He understood that TARP, while none of us wanted to do it, if we were going to save — save our economy, save the world economy, it had to happen. I wish we didn't have to do it, either, but he understood that.
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We have gone from ‘compassionate conservatives’ to ‘practical conservatives’ I cannot wait to see what they have in store for US next.
The Fedtards that troll blogs to counter the 16 T theft claim that they were just overnight loans that were made over the course of a few years and that were paid back the next day, but apparently that is not the case. You have to hypothecate a lot of American lives, property and labor to pay off a credit card like that.
That is not how the dollar swap arrangement works. From the report:
"Concurrent with the announcement of TAF, the FOMC announced the establishment of dollar swap arrangements with two foreign central banksto address similar disruptions in dollar funding markets abroad. In a typical swap line transaction, FRBNY exchanged dollars for the foreign central bank’s currency at the prevailing exchange rate, and the foreign central bank agreed to buy back its currency (to “unwind” the exchange) at this same exchange rate at an agreed upon future date (for a more detailed explanation, see app. IX).
The market for interbank funding in U.S. dollars is global, and many foreign banks hold U.S.-dollar-denominated assets and fund these assets by borrowing in U.S. dollars. In contrast to U.S. commercial banks, foreign banks did not hold significant U.S.-dollar deposits, and as a result, dollar funding disruptions were particularly acute for many foreign banks during the recent crisis. In December 2007, the European Central Bank and Swiss National Bank requested dollar swap arrangements with the Federal Reserve System to increase their ability to provide U.S. dollar loans to banks in their jurisdictions.
Federal Reserve Board staff memoranda recommending that the FOMC approve these swap arrangements noted that continuing tension in dollar funding markets abroad could further exacerbatetensions in U.S. funding markets.
On December 6, 2007, the FOMC approved requests from the European Central Bank and Swiss National Bank and authorized FRBNY to establish temporary swap lines under section 14 of the Federal Reserve Act. During 2008, the FOMC approved temporary swap lines with 12 other foreign central banks.
FRBNY’s swap lines with the 14 central banks closed on February 1, 2010. In May 2010, to address the re-emergence of strains in dollar funding markets, FRBNY reopened swap lines with the Bank of Canada,the Bank of England, the European Central Bank, the Bank of Japan, andthe Swiss National Bank through January 2011. On December 21, 2010,the FOMC announced an extension of these lines through August 1,2011. On June 29, 2011, the Federal Reserve Board announced an extension of these swap lines through August 1, 2012.
These are overnight loans from the feds, so let's say citibank borrows 10 billion one night, pay it back the next morning, then borrow it again the next day, this goes on for 2 business weeks. How much was actually lent? This site is claiming the loan was $100 billion when really it was just $10 billion at risk to the government.