Sunday, November 20, 2011

Wall Street Banks Earned Billions In Profits Off $7.7 Trillion In Secret Fed Loans


































There was originally a post here about PERF - a police related organization. I have been unable to confirm some of the assertions in the story-link that was in the post, thus the deletion. Facts matter. The photo above speaks for itself - some police are acting more like thugs than law enforcement officials. That is simply a fact, not a general comment on law enforcement- an honorable profession.

Wall Street Banks Earned Billions In Profits Off $7.7 Trillion In Secret Fed Loans

In the lead-up to the financial crisis (2006-2008) that crippled the American economy and plunged the country into a recession, the Federal Reserve made trillions in undisclosed loans to struggling banks and financial institutions, according to official documents obtained by Bloomberg News. Six of the country’s largest banks then turned those loans into more than $13 billion in previously undisclosed profits.

The total cost of the Fed loans amounted to $7.77 trillion, and unlike the funds made available by the Troubled Asset Relief Program (TARP), the loans came with virtually no strings attached for the banks...