Bailing Out European Banks: Bernanke and Fed Deceived Congress

Discussion in 'Economics' started by Mvector, Dec 29, 2011.

  1. Mvector


    Now we learn that the Fed is indeed in the business of bailing out European banks. It is secretly using a “temporary U.S. dollar liquidity swap arrangement” with the ECB and the central banks of Canada, England, Switzerland and Japan.

    “The Fed’s latest actions in cooperating with foreign central banks to undertake liquidity swaps of dollars for foreign currencies is another reason why Congress needs enhanced power to oversee and audit the Fed,” writes Ron Paul. “Under current law Congress cannot examine these types of agreements. Those who would argue that auditing the Fed or these agreements with central banks harms the Fed’s independence should reevaluate the Fed’s supposed independence when the Fed bails out Europe so soon after President Obama promised US assistance in resolving the Euro crisis.”
  2. Mvector


    I wonder what the real numbers are now -

    According to the GAO audit, $16.1 trillion in secret loans were made by the Federal Reserve between December 1, 2007 and July 21, 2010. The following list of firms and the amount of money that they received was taken directly frompage 131 of the GAO audit report….

    Citigroup – $2.513 trillion
    Morgan Stanley – $2.041 trillion
    Merrill Lynch – $1.949 trillion
    Bank of America – $1.344 trillion
    Barclays PLC – $868 billion
    Bear Sterns – $853 billion
    Goldman Sachs – $814 billion
    Royal Bank of Scotland – $541 billion
    JP Morgan Chase – $391 billion
    Deutsche Bank – $354 billion
    UBS – $287 billion
    Credit Suisse – $262 billion
    Lehman Brothers – $183 billion
    Bank of Scotland – $181 billion
    BNP Paribas – $175 billion
    Wells Fargo – $159 billion
    Dexia – $159 billion
    Wachovia – $142 billion
    Dresdner Bank – $135 billion
    Societe Generale – $124 billion
    “All Other Borrowers” – $2.639 trillion