Fed “loaned” $7.7 trillion to insolvent banks

“In a monster report for its January issue, Bloomberg Magazine compiled previously secret Fed data on the size and scope of the bank bailouts during 2008-2009.   Among other things, we learn that the Federal Reserve under Ben Bernanke and Tim Geithner (previously head of the New York Fed) secretly loaned over seven trillions dollars to arguably insolvent banks and financial institutions to keep them afloat, while concealing the scope of the lending from Congress and even member of the Treasury Department charged with allocating TARP bailouts.


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