Dec 12, 2011
Three years ago this week, the Federal Reserve gave a total of 1.2 trillion dollars in secret loans to the big banks, according to Bloomberg News. The Fed never disclosed the loans, which were made at the same time the politicians were arranging the massive TARP bailouts. Since the Fed's monetary policy is not regulated by Congress, they never had to disclose the loans. The deals only came to light because Bloomberg filed a Freedom of Information Act request and went to court over it. Bloomberg says the banks that received the loans have made 13 billion dollars off the money.
The same politicians who tell us the government has no money for social programs, road construction or schools have no problem finding trillions for the country's biggest banks.