Secret Fed Loans Gave Banks Undisclosed $13B

soupsoup:

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.

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  6. commedesfuckdwn ha rebloggato questo post da soupsoup e ha aggiunto:
    The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008,...
  7. emptymanuscript ha rebloggato questo post da wilwheaton e ha aggiunto:
    Is it just me or have some people been using the Devil’s Dictionary as fact instead of satire?
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    In case you’ve missed it before.
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    To connected to pay for their failure.
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    Right there with ya, sir.
  22. jemmytee57 ha rebloggato questo post da soupsoup e ha aggiunto:
    Politicians have a code — Help the rich? Yes. Help the rest of us? Please! Get a job.
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    This. So this.
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    Wanna cry? Read.
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    rage
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