First Federal Reserve Audit Reveals Trillions in Secret Bailouts | Common Dreams
Quote:
The first-ever audit of the U.S. Federal Reserve has revealed 16 trillion dollars in secret bank bailouts and has raised more questions about the quasi-private agency’s opaque operations.
7000 metric tons of gold bars sit in the gold vault inside the Federal Reserve Bank of New York "This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else," U.S. Senator Bernie Sanders, an Independent from Vermont, said in a statement.
The majority of loans were issues by the Federal Reserve Bank of New York (FRBNY).
"From late 2007 through mid-2010, Reserve Banks provided more than a trillion dollars… in emergency loans to the financial sector to address strains in credit markets and to avert failures of individual institutions believed to be a threat to the stability of the financial system," the audit report states.
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The part I find amusing is how this isn't the big story in the news while it should be the MAIN story. Crooks getting away with robbery and we just close our eyes and cover our ears.
Edit: Let me clarify something. I don't mean robbery as in they stole the money like some bank robber. I realize they are loans, but they were US government agency that doled out 16 trillion in loans and yet the public is unaware. Then we have have the bank failings (even after these secret loans) and yet more bailouts from the American taxpayers.
Let's think about this. People in the government handing out loans to corporations (bank institutions), who used to be in some of the very firms they were giving out loans to, and who probably had a financial stake in those very organizations.
Using government funds to benefit (or profit) from is the same as robbery. You can call it a "conflict of interest" all you want, but that's a rich person's way of saying robbery.
They should do a audit on each individual in the Federal Reserve and their stocks and compare it to the organizations they were giving the funds (loans) to.