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Secret Fed Loans Gave Banks Undisclosed $13B

By Bob Ivry, Bradley Keoun and Phil Kuntz - Nov 27, 2011 7:01 PM ET
Bloomberg Markets Magazine

On Nov. 26, 2008, then-Bank of America Corp. Chief Executive Officer Kenneth D. Lewis wrote to shareholders that he headed “one of the strongest and most stable major banks in the world.” He didn’t say that his firm owed the central bank $86 billion that day. Photo: Joshua Roberts/Bloomberg
The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing.
The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue.
Saved by the bailout, bankers lobbied against government regulations, a job made easier by the Fed, which never disclosed the details of the rescue to lawmakers even as Congress doled out more money and debated new rules aimed at preventing the next collapse.
A fresh narrative of the financial crisis of 2007 to 2009 emerges from 29,000 pages of Fed documents obtained under the Freedom of Information Act and central bank records of more than 21,000 transactions. While Fed officials say that almost all of the loans were repaid and there have been no losses, details suggest taxpayers paid a price beyond dollars as the secret funding helped preserve a broken status quo and enabled the biggest banks to grow even bigger.........................>>>>........................>>>>>...............................http://www.bloomberg.com/news/.....llion-in-income.html

That's just another reason to get rid of the Fed and it's corrupt backroom deals.

And this is what makes the occupiers appear even more like mindless idiots!!!!

They should be occupying the white house!!!!

Quoted from bumblethru

And this is what makes the occupiers appear even more like mindless idiots!!!!

They should be occupying the white house!!!!

They ARE, and that's half the problem.  Remember, before getting into politics, Obama was a COMMUNITY ORGANIZER!  This is where he would feel at home.  Hopefully, it will BECOME his home after next year's election.