Slashdot Mirror
Fed Gave Banks Eye-Popping Emergency Loans, Without Telling Congress
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."
$13 billion? Meh. Drop in the ocean. When we're all short of trillions, what's a few billion between friends?
The Daily Show treatment of this was titled something along the lines of 'Why the fuck did Martha Stewart go to jail?'.
How does Jon Stewart get away with this? You'd think that somebody would have silenced him by now.