Wall Street Aristocracy Got $1.2 Trillion From Fed

http://www.bloomberg.com/news/2011-...y-got-1-2-trillion-in-fed-s-secret-loans.html

 

When media buddies turn on you.. its basically game over.

 

Looks like it was hard for Bloomberg to get the figures.

 

Isn't that called "Wallfare"?....

 

Anyone knows the interest rate of those loans ? I thought they were very low but a friend recently mentionned over 5% , hence the banks repaid the loans swiftly ?!?

 

They never loaned the money out to stimulate a recovery,
they invested the money, paid themselves off in bonuses, and gave the money back.

 

I recall the loans being 0.1% and the banks loaned the money back to our govt at 2%. TALP was even a sourer deal for tax payers assigning upside down assets to the treasury and allowing profitable assets to be kept by the bailee.

 

But on the plus-side, the Ferrari's are really nice!

 

Thanks Pocketchange, that's also the idea I had. Googling the issue, I came up with the following links, mentioning high TARP rates, like 7% to GM:

http://www.foxnews.com/opinion/2010/04/23/did-general-motors-really-repay-taxpayer-bailout/

http://www.torquenews.com/106/chrysler-repays-tarp-loans-six-years-early

I will google further information later on.

 

I particularly like Matt Taibbi's take and reporting of some of these issues:

http://www.rollingstone.com/politic...-look-whos-cashing-in-on-the-bailout-20110411