And that's where Your Money Went........

[shintao]

Interesting indeed, it takes a Socialist Website to expose the underhanded way that your tax dollars were given away,........WITHOUT CONGRESSIONAL ACTION OR CONSENT!!!!

Fed report lifts lid on Great Bank Heist of 2008-2009

4 December 2010

The US Federal Reserve Board on Wednesday released documents on emergency measures it took between 2007 and 2010, using taxpayer funds, to bail out major financial firms in the US and around the world. The sums involved are staggering.

Fed bailout loans outstanding reached a high of $3.3 trillion, but the cumulative amount of cash funneled by the US central bank to banks, hedge funds and major industrial corporations reached the tens of trillions of dollars.

Every major Wall Street bank was on the Fed dole, as were giant companies including General Electric and Verizon Communications. The Fed ran nearly a dozen separate bailout programs which together eclipsed by far the Treasury Department's $700 billion Troubled Asset Relief Program―the program that handed over billions in public funds to the banks in 2008 and 2009. In comparison to the amounts funneled by the Fed to US financial institutions, the Obama administration's $787 billion stimulus package was a drop in the bucket.

These vast sums were loaned out at rock-bottom interest without any strings attached. The banks and corporations that benefited were not even obliged to provide an account of what they did with the money.

The entire purpose of the operation was to use public funds to cover the gambling losses of the American financial aristocracy, and create the conditions for the financiers and speculators to make even more money.

All of the 21,000 transactions cited in the Fed documents―released under a provision included, over the Fed's objections, in this year's financial regulatory overhaul bill―were carried out in secret. The unelected central bank operated without any congressional mandate or oversight.

Fed report lifts lid on Great Bank Heist of 2008-2009

 

[iamwhatiseem]

There have been several posts on this...but another one doesn't hurt a thing.

However...the media is unbelievably quite about this. Even Fox News.
Think about this, a PRIVATELY OWNED agency gave an unprecedented amount of America taxpayer money to foreign banks...just simply gave it to them.

Not Congress, who is supposed to be the only body in this country that can award taxpayer money, but a PRIVATELY OWNED institution who we don't even know who owns...gave our earned dollars to foreign banks.

 

[Jroc]

The Fed's out of control, Im not a big Ron Paul fan but auditing the Fed is a good idea

 

[shintao]

There have been several posts on this...but another one doesn't hurt a thing.

However...the media is unbelievably quite about this. Even Fox News.
Think about this, a PRIVATELY OWNED agency gave an unprecedented amount of America taxpayer money to foreign banks...just simply gave it to them.

Not Congress, who is supposed to be the only body in this country that can award taxpayer money, but a PRIVATELY OWNED institution who we don't even know who owns...gave our earned dollars to foreign banks.

So why isn't Obama sending the military in to arrest these assholes, and lets have some old fashioned kangaroo courts & tree hangings, as a lesson to those in the future? Why isn't the Partys flooding DC and demanding it? Where is the Outrage???

 

[william the wie]

The Fed is an unguided missile at best.

 

[uscitizen]

The reason why our government does these kind of things is clear.
The mega corps ARE our government.

You can keep believing in a government by and for the people if you want. I stopped believing in the tooth fairy long ago.

 

[Jroc]

Big government is the root cause..

[ame="http://www.youtube.com/watch?v=2sSg0xjzIec"]http://www.youtube.com/watch?v=2sSg0xjzIec[/ame]

 

[uscitizen]

Big government is big business.

 

[loosecannon]

Interesting indeed, it takes a Socialist Website to expose the underhanded way that your tax dollars were given away,........WITHOUT CONGRESSIONAL ACTION OR CONSENT!!!!

Fed report lifts lid on Great Bank Heist of 2008-2009

4 December 2010

The US Federal Reserve Board on Wednesday released documents on emergency measures it took between 2007 and 2010, using taxpayer funds, to bail out major financial firms in the US and around the world. The sums involved are staggering.

Fed bailout loans outstanding reached a high of $3.3 trillion, but the cumulative amount of cash funneled by the US central bank to banks, hedge funds and major industrial corporations reached the tens of trillions of dollars.

Every major Wall Street bank was on the Fed dole, as were giant companies including General Electric and Verizon Communications. The Fed ran nearly a dozen separate bailout programs which together eclipsed by far the Treasury Department's $700 billion Troubled Asset Relief Program―the program that handed over billions in public funds to the banks in 2008 and 2009. In comparison to the amounts funneled by the Fed to US financial institutions, the Obama administration's $787 billion stimulus package was a drop in the bucket.

These vast sums were loaned out at rock-bottom interest without any strings attached. The banks and corporations that benefited were not even obliged to provide an account of what they did with the money.

The entire purpose of the operation was to use public funds to cover the gambling losses of the American financial aristocracy, and create the conditions for the financiers and speculators to make even more money.

All of the 21,000 transactions cited in the Fed documents―released under a provision included, over the Fed's objections, in this year's financial regulatory overhaul bill―were carried out in secret. The unelected central bank operated without any congressional mandate or oversight.

Fed report lifts lid on Great Bank Heist of 2008-2009

The "Fed", or Federal Reserve, isn't the US government.

Please demonstrate how the tax payer is on the hook for any of this, because I think we are not.

First off most of this lending is routine, that's what the Fed always does, second it has been paid back.

The uber low interest rate could be a problem cuz it invites new bubbles. And inflation could be as well, but what is new? This is business as usual until somebody can demonstrate otherwise.

The Fed IS a private cartel. That's a fact. They are only alleged to be a part of the US government. I bet they are not listed on the federal registry.

 

[uscitizen]

Are federal reserve employees classified as government employees?

The directors or governors are appointed by the pres and approved by the senate.

 

[loosecannon]

Who owns the Federal Reserve Bank?
A:

There are actually 12 different Federal Reserve Banks around the country, and they are owned by big private banks. But the banks don't necessarily run the show. Nationally, the Federal Reserve System is led by a Board of Governors whose seven members are appointed by the president and confirmed by the Senate.
The stockholders in the 12 regional Federal Reserve Banks are the privately owned banks that fall under the Federal Reserve System. These include all national banks (chartered by the federal government) and those state-chartered banks that wish to join and meet certain requirements. About 38 percent of the nation's more than 8,000 banks are members of the system, and thus own the Fed banks.

The concept of "ownership" needs some explaining here, however. The member banks must by law invest 3 percent of their capital as stock in the Reserve Banks, and they cannot sell or trade their stock or even use that stock as collateral to borrow money. They do receive dividends of 6 percent per year from the Reserve Banks and get to elect each Reserve Bank's board of directors.

The private banks also have a voice in regulating the nation's money supply and setting targets for short-term interest rates, but it's a minority voice. Those decisions are made by the Federal Open Market Committee, which has a dozen voting members, only five of whom come from the banks. The remaining seven, a voting majority, are the Fed's Board of Governors who, as mentioned, are appointed by the president.

The Fed is a little defensive about the question of ownership. In its Frequently Asked Questions section, the Federal Reserve Board says: "The Federal Reserve System is not 'owned' by anyone and is not a private, profit-making institution. Instead, it is an independent entity within the government, having both public purposes and private aspects." It continues:

FactCheck.org: Who owns the Federal Reserve Bank?