Some long overdue news was announced Wednesday, leaving the Federal Reserve and its 2008 beneficiaries looking pretty slimy. As one Senator
The $700bn Wall Street bailout signed into law under George W Bush turned out to be pocket change compared to the trillions and trillions of dollars in near-zero interest loans and other financial arrangements the Federal Reserve doled out to every major financial institution in this country.
The Federal Reserve didn’t even stop at this country, or financial institutions for that matter. According to the 21,000 documents, revealing the allocation of funds from the ’08 financial crisis, foreign banks and U.S. companies got a slice of a $9 trillion dollar pie. Yes, the $700 billion we were worried about two Falls ago was only the beginning. According to this graph, Merril Lynch and Citigroup were the top recipients of “bailout” funding.
The Dodd-Frank Act
, the reason for this news release, required Fed disclosure on how bailout money was spent. Spokesperson for the bill, Bernie Sanders -VT believes
that the exposure of this information can surely shed light on the Federal Reserve’s actions over the course of the financial crisis in hopes to bring a stop to unethical lending, since the majority of the recipients did not largely assist the individuals and small businesses suffering here in the States during the crisis, in an act to prevent anymore devastation.
The sole voice calling for the Fed’s transparency is still echoing during this crucial time of document disclosure. Congressman Ron Paul continues to hold his ground on holding the correct entities responsible for the booms and busts of artificial bubbles created on the housing and market front. Paul is seeking to head up the monetary policy subcommittee where he will oversee Chairman Bernanke’s actions
, a position Dr. Paul has unofficially been holding for years.