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First Federal Reserve Audit Reveals Trillions in Secret Bailouts

First Federal Reserve Audit Reveals Trillions in Secret Bailouts
Matthew Cardinale
Inter Press Service
Sun, 28 Aug 2011 00:00 CDT
© WikipediaAtlanta, Georga: The first-ever audit of the U.S. Federal Reserve has revealed 16 trillion dollars in secret bank bailouts and has raised more questions about the quasi-private agency's opaque operations.

"This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else," U.S. Senator Bernie Sanders, an Independent from Vermont, said in a statement.

The majority of loans were issues by the Federal Reserve Bank of New York (FRBNY).

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You are welcome. You realize, of course, that...

the former Governor of the Federal Reserve Bank of New York was none other than Tim Geithner.

Good read. Thanks for

Good read. Thanks for sharing.
I have a friend who works for BofA who insists they are doing great because they paid back the $50 billion in TARP funds they recieved from the US Treasury. I always told him BofA recieved much more money than that from the Fed in secret bailouts, yet he called me crazy for it. Funny that BofA recieved over 20x the amount of money in secret from the Fed in low interest loans than they did from the Treasury!

Your friend is falling for

Your friend is falling for the PR spin.

Its pretty easy to pay back the bailout when you can get a zero percent loan from the Fed. BofA has access to the Fed's discount window and with the Fed's implementation of ZIRP, banks like BofA have access to zero percent loans at whatever quantity the Fraudulent Reserve wants to magically create and lend out.

Substituting one bailout for another is not paying back the bailout. The Fed's bailout is still theft from the taxpayer via money dilution through inflation.

Plus BofA received huge payments through AIG. AIG was the biggest recipient of Treasury bailout money and those funds were funneled straight through to banks like BofA. So although BofA may have paid back its direct bailout money from the treasury with bailout money from the Fed, BofA has not paid back a single cent of bailout money funnelled to it via AIG.

Let it not be said that we did nothing.-Ron Paul
Stand up for what you believe in, even if you stand alone.-Sophia Magdalena Scholl

We are so screwed.

When will the people demand an end to the corruption?

"Necessity is the plea for every infringement of human freedom. It is argument of tyrants. It is the creed of slaves." William Pitt in the House of Commons November 18, 1783
"I know major allies who fund them" Gen. Dempsey