Fresh outrage this evening as Bob Ivry, Bradley Keoun and Phil Kuntz (tough name) break an incredible story about the secrets of the 2008 bailouts. Banks fought to keep these details a secret, but Bloomberg Markets Magazine successfully sued for the truth.
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.
And you can also thank these “smartest guys in the room” for those parasitic zero percent interest rates that are doing such wonders for your savings and retirement prospects.
Read on at the link below and join my call to break these SOB banks up once and for all. As if we needed another reason.
Secret Fed Loans Gave Banks Undisclosed 13B (Bloomberg)
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