Feeds:
Posts
Comments

Posts Tagged ‘Fed’

Bloomberg: Secret Fed Loans Gave Banks $13 Billion

By Bob Ivry, Bradley Keoun and Phil Kuntz – Nov 27, 2011 4:01 PM PT
Bloomberg Markets Magazine

Nov. 28 (Bloomberg) — The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. No one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue. Betty Liu reports on Bloomberg Television’s “In the Loop.” (Source: Bloomberg)
Enlarge image Kenneth D. Lewis Former CEO of Bank of America Corp.

On Nov. 26, 2008, then-Bank of America Corp. Chief Executive Officer Kenneth D. Lewis wrote to shareholders that he headed “one of the strongest and most stable major banks in the world.” He didn’t say that his firm owed the central bank $86 billion that day. Photo: Joshua Roberts/Bloomberg

The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing.

The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue.

More:

VIDEO: Financial Services Subcommittee on Oversight and Investigations hearing of May 5, 2009.

Read Full Post »

More fun at Ben the Banker’s expense for all you fun-loving doods out there who love to watch him stutter and squirm in the face of awkward questions about the Fed.

But first, a video of the soi-disant Wizard of Oz being exposed as the charlatan he is:

Pay no attention to that man behind the curtain.

Now for an article by Gary North:

Why Bernanke Is in Panic Mode

Gary North | Lew Rockwell.com | Saturday, August 1, 2009

Bernanke video: He stutters; he stammers; he is in visible panic mode over Ron Paul’s bill to audit the Federal Reserve. Watch it. You’ll love it! Then send it to your friends.

Usually, when Ben Bernanke is interviewed, he has the demeanor of a college professor in the presence of freshman students. Of course, as a full professor, he did not have to teach freshmen. That is for untenured assistant professors to do. Stammering and stuttering are therefore a real departure for him. There is a reason for this.

For the first time since 1914, there is a public debate in Congress over the Federal Reserve’s power. Never before has a majority of the House of Representatives called for what should always have existed: Congressional scrutiny over the FED’s money. Bernanke says that Ron Paul’s bill to audit the Federal Reserve is a bill to audit Federal Reserve policy. Yet the bill says nothing about auditing policy. So, what is he talking about?

Bernanke says that Congress can have access to an audit at any time. Sure it can – an audit vetted and sanitized by the FED, where no one knows which banks got what bailout money. This is an audit in the way a CIA audit is an audit. The main differences are these: (1) the CIA legally operates only outside the borders of the United States; (2) the CIA can assassinate any uncooperative Congressman who insists on a full audit. The FED does not have the second power, but it is not limited by the first restriction.

What has Bernanke panicked is this: the Federal Reserve has bailed out the biggest banks and has let almost 100 little ones die. This is crony capitalism at its most notorious.

Read more…

Here’s a video of the same occasion on youtube:

09 07 30 Bernanke Rebuttal – From PBS

kdenninger | 30 July 2009

On PBS I got a question into Ben Bernanke – who promptly ducked it. Here’s why he ducked it, and what it means. Analysis and a challenge, which I fully expect Bernanke will refuse to accept, of course.

Pass this one around to your friends and associates.

Finally, a comment from one of our readers:

75% of Americans Want To Audit the Fed – Thousands Want to Abolish It!

Read the petition and the angry comments at http://www.petitiononline.com/fed/petition.html

Thanks,

Ron

You’re welcome Ron, and welcome to the blog.

Read Full Post »

%d bloggers like this: