The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue.
Secret Fed Loans Gave Banks Undisclosed $13B
Secret Fed Loans Gave Banks Undisclosed $13B
The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing.
The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue.
http://www.bloomberg.com/news/2011-11-2 ... ncome.htmlThe Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue.
Re: Secret Fed Loans Gave Banks Undisclosed $13B
This is SOP, protect the perceived value at all costs. A company I worked for did the same thing as they fell apart.at the same time they were assuring investors their firms were healthy.
Re: Secret Fed Loans Gave Banks Undisclosed $13B
Bottom line- it's only paper. Neither is this some great secret. The Murnut and the Squeaky have been whining about this for 3 years. Just sayin...
"If you don't think to good, don't think too much." Yogi
Re: Secret Fed Loans Gave Banks Undisclosed $13B
Too bad us average guys don't get to operate in this way.
Re: Secret Fed Loans Gave Banks Undisclosed $13B
Some people like specifics. We're also used to this and believe it's all bs, most of the world isn't and doesn't. It's good to keep a record.
Re: Secret Fed Loans Gave Banks Undisclosed $13B
The anti-Fed people should be aware that if the Fed hadn't become the lender of last resort the world's entire economic structure would have failed. And it still might because of the inability of ECB to do the same. The EU is prohibited by law from requiring member nations to assume the debt of other member nations. That makes the Central Bank almost useless in solving the European debt crisis winout violating the terms of the Lisbon Treaty. That is the fix that the anti-fed people would saddle this country with. And while it would be OK with me to watch the entire system fall like a line of dominoes, would it be OK with you? Would you welcome the greatest depression in history that would inevitably follow? I know it's popular to support the Squeaker and to rail and rant against the Fed bailouts, but have you considered the inevitable consequences of not doing that?
"If you don't think to good, don't think too much." Yogi
Re: Secret Fed Loans Gave Banks Undisclosed $13B
I just posted an article about that here. One guy in the article calls libertarians hippies. And says that the Free Market system is bogus and that the government gave the free marketers their way with Lehman and that everything almost came undone.
I honestly don't care anymore. The whole system is corrupt. It's either going to come apart in my lifetime or soon after. I don't see how it can't.
I honestly don't care anymore. The whole system is corrupt. It's either going to come apart in my lifetime or soon after. I don't see how it can't.
Re: Secret Fed Loans Gave Banks Undisclosed $13B
I assure you that if and when it does your new landlord will be speaking Cantonese. Those are the stakes.
"If you don't think to good, don't think too much." Yogi
Re: Secret Fed Loans Gave Banks Undisclosed $13B
Nah, the Chinese bubble's gonna burst in less than 10 years. Probably less than 5.
Re: Secret Fed Loans Gave Banks Undisclosed $13B
just shut the fuck up and practice your chop sticks.
"If you don't think to good, don't think too much." Yogi