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soonercruiser
11/28/2011, 11:11 PM
Well, if you were upset about the TARP bailouts, you should now be in full blowup mode!
It seems that two individuals schemed to give a few big banks multiplte$ of TARP!
Do the names Geitner and Ben Bernanke ring familiar?
Bernanke did the secret deals - Geitner wrote up the plan!

As it is being reported, TARP was only $700 Billion; these secret loans were another $1.3Trillion!

So, why aren't the "Occupy" crowds camped in front of The Fed?


Secret, low-interest loans from Federal Reserve helped banks reap $13 billion in income
By Bob Ivry, Bradley Keoun and Phil Kuntz, Updated: Monday, November 28, 3:32 PM
Nov. 28 (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 emergency loans of 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 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 interest rates, Bloomberg Markets magazine reports in its January issue.

Saved by the 2007-2010 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.

While Fed officials say that almost all the loans were repaid without losses, details that emerge from 29,000 pages of Fed documents obtained under the Freedom of Information Act and central bank records of more than 21,000 transactions 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.

“When you see the dollars the banks got, it’s hard to make the case these were successful institutions,” said Ohio Democratic Senator Sherrod Brown. “This is an issue that can unite the Tea Party and Occupy Wall Street.”

The size of the bailout came to light after Bloomberg LP, the parent of Bloomberg News, won a court battle against the Fed and a group of the biggest banks called Clearing House Association LLC. The amount of money the central bank parceled out dwarfed the Treasury Department’s better-known $700 billion Troubled Asset Relief Program, or TARP.

Few people were aware of this, partly because bankers didn’t disclose the extent of their borrowing. JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon told shareholders in March 2010 that his bank used the Fed’s Term Auction Facility “at the request of the Federal Reserve to help motivate others to use the system.” He didn’t say that the New York-based bank’s total TAF borrowings were almost twice its cash holdings or that its peak borrowing of $48 billion came more than a year after the program’s creation.

http://www.washingtonpost.com/business/secret-low-interest-loans-from-federal-reserve-helped-banks-reap-13-billion-in-income/2011/11/28/gIQAZgHp5N_story.html

A few more story links...


By the numbers The Federal Reserve's 'breathtaking' $7.7 trillion bank bailout
A new report on the 2008 financial crisis reveals some shocking numbers that dramatically exceed the $700 billion TARP bailout
posted on November 28, 2011, at 6:02 PM

Fed Chairman Ben Bernanke says that newly revealed details about the Fed's bank bailout were kept secret to prevent a stigma against banks that took part. Photo: Alex Wong/Getty Images SEE ALL 24 PHOTOS
A new report by Bloomberg Markets Magazine details trillions of dollars in secret federal loans made to the big banks during the 2008 financial crisis, a process that helped them rake in billions of dollars in undisclosed profits. Here, some key numbers that illuminate the Federal Reserve's "breathtaking" $7.7 trillion bank bailout:

http://theweek.com/article/index/221883/the-federal-reserves-breathtaking-77-trillion-bank-bailout

http://www.bloomberg.com/news/2011-11-28/secret-fed-loans-undisclosed-to-congress-gave-banks-13-billion-in-income.html

http://boingboing.net/2011/11/28/secret-records-of-us-bank-bail.html

KABOOKIE
11/29/2011, 01:12 PM
Because the government is pure like Vermont snow and banks and big business are mean eveil capitalistic pigs that need to burn.

badger
11/29/2011, 01:24 PM
Does snow burn?

yermom
11/29/2011, 01:26 PM
what part of the Occupy movement implies that they side with the government?

Position Limit
11/29/2011, 01:49 PM
I'll see your geitner and bernanke and go all in with mr. hank paulson.....

http://www.bloomberg.com/news/2011-11-29/how-henry-paulson-gave-hedge-funds-advance-word-of-2008-fannie-mae-rescue.html

hopefully the useful idiots on this board will take the time to read the link before the usual circle jerk ensues.

BillySims
11/29/2011, 04:10 PM
Well, its a good thing we don't have those Goldman Sachs folks running the current administration.

Oh, wait....

Dale Ellis
11/29/2011, 05:50 PM
Cherry Picking
I doubt the validity of that story
Stop cutting and pasting

Midtowner, does that about cover your response?

Position Limit
11/30/2011, 10:22 AM
Cherry Picking
I doubt the validity of that story
Stop cutting and pasting

Midtowner, does that about cover your response?

Dale!!!! who let you out of your cage? has midtowner replied in this thread? i might be blind but i dont see it. or are you still bitter?