I’ve written about the secret trillion-dollar loans the Federal Reserve gave to foreign banks to keep the world’s economy afloat. Now it looks as if others are catching up thanks to recent FOIA requests which exposes the truth. Almost 70% went to foreign banks and Treasury Secretary Geithner used the loans to bribe other countries to keep “influence.”
U.S. Taxpayers should be pissed and demand answers from our corrupt government who confiscates our money, only to redistribute it to foreign banks, as we suffer.
U.S. Federal Reserve Chairman Ben S. Bernanke’s two-year fight to shield crisis-squeezed banks from the stigma of revealing their public loans protected a lender to local governments in Belgium, a Japanese fishing-cooperative financier and a company part-owned by the Central Bank of Libya.
Dexia SA (DEXB), based in Brussels and Paris, borrowed as much as $33.5 billion through its New York branch from the Fed’s “discount window” lending program, according to Fed documents released yesterday in response to a Freedom of Information Act request. Dublin-based Depfa Bank Plc, taken over in 2007 by a German real-estate lender later seized by the German government, drew $24.5 billion.
The biggest borrowers from the 97-year-old discount window as the program reached its crisis-era peak were foreign banks, accounting for at least 70 percent of the $110.7 billion borrowed during the week in October 2008 when use of the program surged to a record. The disclosures may stoke a reexamination of the risks posed to U.S. taxpayers by the central bank’s role in global financial markets.
“The caricature of the Fed is that it was shoveling money to big New York banks and a bunch of foreigners, and that is not conducive to its long-run reputation,” said Vincent Reinhart, the Fed’s director of monetary affairs from 2001 to 2007.
Separate data disclosed in December on temporary emergency- lending programs set up by the Fed also showed big foreign banks as borrowers. Six European banks were among the top 11 companies that sold the most debt overall — a combined $274.1 billion – to the Commercial Paper Funding Facility.
Those programs also loaned hundreds of billions of dollars to the biggest U.S. banks, including JPMorgan Chase & Co. (JPM), Bank of America Corp. (BAC), Citigroup Inc. and Morgan Stanley. (MS)
Keep up the good fight, Scotty!
I can’t use the words I am thinking right now but I am sure everyone knows what they would be.
I would say “We The People” need to march on DC, purge and fire all politicians out of that cesspool, hire 150 Catholic Priests to do rite of exorcism, then put the power back to the states. Yes state sovereignty.
Of course an afterthought is that since we have been usurped by an illegal foreign alien communist marxist muslim Jihadist, is anyone really surprised that all of our money is being stolen to be sent to terrorist.
The biggest terrorist is Obama Bin Ladin , Jihadist and Criminal.
[...] wrote about this back in April. Of course the liberal media didn’t report this story much and now [...]
[...] wrote about this back in April of this year and back in July of 2010. The U.S. Taxpayer is being used to [...]