Ben Bernanke (pictured to the LEFT), Alan Greenspan, and various other bankers vehemently opposed the audit and lied to Congress about the effects an audit would have on markets. Nevertheless, the results of the first audit in the Federal Reserve’s nearly 100 year history were posted on Senator Sander’s webpage earlier this morning.
What was revealed in the audit was startling:
$16,000,000,000,000.00 had been secretly given out to US banks and corporations and foreign banks everywhere from France to Scotland. From the period between December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the world’s banks, corporations, and governments. The Federal Reserve likes to refer to these secret bailouts as an all-inclusive loan program, but virtually none of the money has been returned and it was loaned out at 0% interest. Why the Federal Reserve had never been public about this or even informed the United States Congress about the $16 trillion dollar bailout is obvious – the American public would have been outraged to find out that the Federal Reserve bailed out foreign banks while Americans were struggling to find jobs.
The list of institutions that received the most money from the Federal Reserve can be found on page 131of the GAO Audit and are as follows..
Citigroup: $2.5 trillion ($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion ($868,000,000,000)
Bear Sterns: $853 billion ($853,000,000,000)
Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)
View the 266-page GAO audit of the Federal Reserve (July 21st, 2011):
Federal Reserve Chairman Ben S. Bernanke participated in a live webcast of a town hall meeting with educators on Thursday, September 30, 2010 from 2:30-3:30 p.m. EDT. During this session, Chairman Bernanke answered teachers’ questions about the Federal Reserve and the economy.
Those were not bailouts, they were buy-backs of the fraudulent mortgage-backed securities Wall Street sold around the world. In order to protect Wall Street's "reputation" and keep the bankers out of prison the US Government and the Federal Reserve bought back all those bundles (aka the "Toxic Assets") and dumped them on the American people. This is the classic pattern of fascism where corporations and government are aligned together against the general population.
Well stated, Michael.
seems this guy knows whats up ;) most informative post
Well, this is just going to have to come out of Bennie's final check.
And all this at "no interest"? Well, whoever made that "mistake" can pay the interest out of their pocket, or go to jail. I think the interest rate should be 55%, since they're so fair with us.
When do people get FEDup? It may not be the biggest scam in the history of humanity, but it's pretty close. Then again, summing up all the privately owned central banks and their create-money-out-of-nothing-for-interest scam IS the biggest. While the bankers have been creating scams and financing wars, the tax payers have always taken the burden.
Foundations, their power and influence. Bringing down America, almost done.
War on the planet ownership, by deception
The FED and their greedy co-conspirators have been systematically robbing from the masses and filling their coffers for almost 100 years. The have engineered every economic down turn, recession and depression to allow them the unfair advantage of large capitol buying power when the economy is ripe for the picking. These monopolistic bankers know that controlling a countrys money supply allows the controller ultimate power over the government and its policies, the workforce and the companies that pay them. The FED and their cronies have robbed this country and its people of freedom and its ability to grow into a utopian society where energy could be free and diseases cured and men could follow their dreams. But NO we have to toil at lousy jobs to fill our 50 year old outdated design combustion engine cars gas tanks with polluting gasoline.We are forced to pay for treatments that fill the pharma companys bank accounts while the cures stay locked in safes. We are tricked into fighting wars with poor counties that keep the military industrial complex humming away. I figure with the artificial rate of inflation along with libor lending rate overcharges for many decades the fed owes me at least about a million dollars . HOW ABOUT YOU ?