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Fed Gave Banks Eye-Popping Emergency Loans, Without Telling Congress

Posted by timothy on from the please-don't-blame-this-on-a-free-market dept.

An anonymous reader writes with this excerpt: "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."

2 of 629 comments (clear)

  1. Occupy The Fed! by Anonymous Coward · · Score: -1, Flamebait

    Occupy The Fed!

    Wipe out that bunch of rich, white, men who are ruining everything and profiting from everything...

    ($$$)

    No, Illegal Mexican Immigrants are to blame! Shut the Southern Border...

    No, Illegal Canadian Immigrants are to blame! Shut the Northern Border...

    America, everything is fine. Go shopping. Buy a new 3D TV. There is absolutely nothing wrong, Fox TV just confirmed it....

  2. Re:Capitalism by 0123456 · · Score: -1, Flamebait

    Privatize the profits socialize the losses. Isn't capitalism great.

    The Fed was created by the 'progressives'. Central banks are one of the ten recommended measures for creating a communist state in the Communist Manifesto.

    So don't blame capitalists for the inevitable failure of another stupid left-wing policy.