Fed News Friday: More Secret Fed Loans Exposed!!!Submitted by MegD4Freedom on Fri, 07/08/2011 - 11:37
More information is being released concerning the Federal Reserve's secret lending program, called ST OMO (single-tranche open market operations) to banks in March of 2008. The latest information concerns Lehman Brothers, the investment giant that was the largest financial institution to go under in the financial crisis of 2008.
According to sources, Lehman Brothers borrowed $18 billion from the secret program, which was reported on Silver Underground last month. This loan, coupled with the previous loans made by the Federal Reserve, meant that Lehman Brothers held $45 billion in total Fed loans when the company collapsed in the fall of 2008. When Lehman went bankrupt, the Fed took as collateral investments that the firm held that were unfit for investment, such as sub-prime mortgages and other risky assets. That's right, the body in charge of overseeing our nation's currency was dealing in the very loans and investment practices that sent our economy over the cliff, and we are now just finding out about it.