"As a result of this disclosure, other members of Congress and I will be taking a very extensive look at all aspects of how the Federal Reserve functions."
Read more: http://online.wsj.com/article/SB10001424052748704594804575648683678596728.html#ixzz16yHG2x00
On March 3, 2009, at a Senate Budget Committee hearing, Bernie Sanders asked Fed Chairman Ben Bernanke to tell the American people the names of the financial institutions that received an unprecedented backdoor bailout from the Federal Reserve, how much they received, and the exact terms of this assistance. my amendment also required the GAO to conduct a top to bottom audit of all of the emergency lending the Fed provided during the financial crisis to be completed on July 21, 2011 which will take a hard look at all of the potential conflicts of interest that took place with respect to this bailout.
What have we learned from today's disclosure? And, this is based on a 4 hour examination of over 21,000 transactions. We have learned that the $700 billion 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.
We have also learned that the Fed’s multi-trillion bailout was not limited to Wall Street and big banks, but that some of the largest corporations in this country also received a very substantial bailout. Among those are General Electric, McDonald's, Caterpillar, Harley Davidson, Toyota, and Verizon also received a bailout from the Fed.
Perhaps most surprising is the huge sum that went to bail out foreign private banks and corporations including two European megabanks -- Deutsche Bank and Credit Suisse – who were the largest beneficiaries of the Fed's purchase of mortgage-backed securities.
Deutsche Bank, a German lender, sold the Fed more than $290 billion worth of mortgage securities and Credit Suisse, a Swiss bank, sold the Fed more than $287 billion in mortgage bonds.
Has the Federal Reserve of the United States become the central bank of the world?
Note: The money starts flowing on December 12, 2007 and go up to January 16, 2009--just before Obama is sworn into office.
December 12, 2007- 375 Billion for Liquidity Swaps
December 17, 2007- 448 Billion to a Term Auction Facility
February 13, 2008- 168 Billion (Stimulus OK'd by Congress)( I think these were our "rebate" checks in the amount of $300 per person)
March 11, 2008- 115 Billion for Term Securities Lending
March 14, 2008- 29 Billion to Bear Sterns
March 16, 2008- 25 Billion for Primary Dealer Support (Fed)
September 7, 2008- 85 Billion to Fannie Mae
September 16, 2008- 85 Billion to AIG
September 19, 2008- 13 Billion to Money Market
October 3, 2008-700 Billion for TARP
October 7, 2008- 249 Billion Commercial Paper funding
November 8, 2008- 22.5 Billion to AIG (again)
November 23, 2008- 234 Billion to CITI group
November 25, 2008- up to 100 Billion for Mortgage Market Support
November 25, 2008- up to 500 Billion in Mortgage-backed Securities/Mortgage Market support
November 25, 2008- 200 Billion for TALF (Term Asset-backed Loan Facility)
January 16, 2009- 118 Billion to Bank Of America
Grand total>> $3.467 TRILLION dollars.....all before Obama was even sworn in!
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