Re: 29,000 Fed documents released - Secrets from the Bailout

DanielMuff — Tue, 29 Nov 2011 00:02:34 GMT

I don't think it's that surprising considering that they probably had trillions in losses before the bailouts.

Re: 29,000 Fed documents released - Secrets from the Bailout

Wheylous — Mon, 28 Nov 2011 23:33:32 GMT

They only made $13 billion off of $1.2 Trillion in money?

Re: 29,000 Fed documents released - Secrets from the Bailout

bbnet — Mon, 28 Nov 2011 20:45:31 GMT

The Fed’s Secret Liquidity Lifelines

29,000 Fed documents released - Secrets from the Bailout

John James — Mon, 28 Nov 2011 20:27:27 GMT

--What the Fed Knew And Didn't Tell (via EconomicPolicyJournal)

Bloomberg News is out with an important new study of the financial crisis and government actions to "battle" the crisis. Based on Bloomberg’s examination of 29,000 pages of Fed documents obtained under a FOIA request and central bank databases detailing more than 21,000 transactions, Bloomberg writes:

• Taxpayers paid a price beyond dollars as the secret loans helped preserve a broken status quo and enabled the biggest banks to grow even bigger.

• Challenges the view championed by Treasury Secretary Timothy F. Geithner and others that saving the banks meant saving the economy.

• Brings to light that bankers used the money to lobby against reforms, 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.

• Banks likely have earned an estimated $12.9 billion in profit by taking advantage of the Fed's below-market rates.

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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, details suggest taxpayers paid a price that included secret funding that helped preserve a broken status quo and enabled the biggest banks to grow even bigger, writes Bloomberg.

A Bloomberg interactive graphic identifying by exactly how much individual banks profited from the Fed loans is here.

(Please visit the site to view this media)

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Re: 29,000 Fed documents released - Secrets from the Bailout

Re: 29,000 Fed documents released - Secrets from the Bailout

Re: 29,000 Fed documents released - Secrets from the Bailout

29,000 Fed documents released - Secrets from the Bailout