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Six Banks Got Over 98% of the Fed's PDFC Money (Staggering sums of cash $8.78 trillion)
CNBC ^ | 12/05/2010 | CNBC

Posted on 12/05/2010 9:27:28 PM PST by The Magical Mischief Tour

After you crunch the Primary Dealer Credit Facility (PDCF) numbers, you can see through the noise. What is revealed is this: The Fed's overnight lending to primary dealers concentrated staggering sums of government cash in the hands of a tiny circle of financial institutions. The story of PDCF lending is the story of those few financial institutions that went on to become just six banks.

SNIP

Institutions that ultimately went on to become just six banks—Bank of America, Citigroup, Morgan Stanley, Barclays, Goldman Sachs, and JPMorgan—received at total of about $8.78 trillion through the PDFC program.

That $8.78 trillion figure represents over 98 percent of the funds lent by the PDFC program.

(Excerpt) Read more at cnbc.com ...


TOPICS: Business/Economy; Crime/Corruption; Foreign Affairs; Government
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1 posted on 12/05/2010 9:27:30 PM PST by The Magical Mischief Tour
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To: The Magical Mischief Tour

Is it clear what they are doing, to the masses here?

They are using the very system we built to finance themselves up for retirement once this Republic is completed looted and falls.


2 posted on 12/05/2010 9:29:13 PM PST by The Magical Mischief Tour (With The Resistance...)
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To: The Magical Mischief Tour

BUMP.....


3 posted on 12/05/2010 9:35:10 PM PST by Buddy B (MSgt Retired-USAF - Year: 1972)
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To: The Magical Mischief Tour
Remember when Obama and the congress were screaming about the bonuses the bankers got? Demanding the money back?

It was millions of dollars and was all a diversion.

I saw Freepers jumping on the band wagon demanding the money back.

Good ol Barama was gonna hold those corporate feet to the fire.

Meanwhile he was shoveling trillions out the back door.


4 posted on 12/05/2010 9:35:58 PM PST by mylife (Opinions ~ $1 Half Baked ~ 50c)
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To: The Magical Mischief Tour

Agreed.


5 posted on 12/05/2010 9:37:15 PM PST by mylife (Opinions ~ $1 Half Baked ~ 50c)
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6 posted on 12/05/2010 9:39:48 PM PST by mylife (Opinions ~ $1 Half Baked ~ 50c)
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To: The Magical Mischief Tour

Yes, in September of 2008 the government nationalized the big banks.


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8 posted on 12/05/2010 9:43:25 PM PST by mylife (Opinions ~ $1 Half Baked ~ 50c)
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To: The Magical Mischief Tour

Welcome to the oligarchy. Hope you enjoy your stay. Either way, it’s not like you really have a choice.


9 posted on 12/05/2010 9:44:53 PM PST by douginthearmy
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To: The Magical Mischief Tour

In the last Great Depression, the FED killed ANY bank that was NOT one of ‘theirs’.

Today, these six banks are fleecing the ENTRIE MIDDLE CLASS of their property and the value of the saved dollars into worthlessness.

Starve the Beast is right. Move your money out and cut those credit cards from these banks. They need to die....

And for the gold bugs, APMEX is owned by ...JPM!!!!

What else is there we don’t know yet?


10 posted on 12/05/2010 9:45:02 PM PST by TruthConquers (Delendae sunt publicae scholae)
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11 posted on 12/05/2010 9:46:05 PM PST by mylife (Opinions ~ $1 Half Baked ~ 50c)
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To: The Magical Mischief Tour

Is cool keep working pleabes


12 posted on 12/05/2010 9:53:11 PM PST by Flavius (A)
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To: TruthConquers
Starve the Beast is right.

It's too late for that, the beast is so massive now it makes money by simply existing. I feel the only thing that will reverse this nightmare course is a full and total collapse of the economy/banking system.

Absent that, it will continue to survive no matter what we do to try and kill it.

13 posted on 12/05/2010 10:09:00 PM PST by The Magical Mischief Tour (With The Resistance...)
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To: The Magical Mischief Tour

$9 Trillion gone and the jobs still aren’t coming back.


14 posted on 12/05/2010 10:12:36 PM PST by Southack (Media Bias means that Castro won't be punished for Cuban war crimes against Black Angolans in Africa)
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To: The Magical Mischief Tour

Meanwhile, among the less politically-connected, the FDIC’s ‘problem’ bank list grows to 860...

http://www.bizjournals.com/sanfrancisco/news/2010/11/23/fdics-problem-bank-list-grows-to-860.html


15 posted on 12/05/2010 10:33:04 PM PST by Qbert
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To: The Magical Mischief Tour

Conveniently left out of the snips is this important bit:

“First, PDFC lending totals represent the aggregate amount of overnight borrowing by the banks —not the amounts outstanding at any one time.”


16 posted on 12/05/2010 10:53:54 PM PST by Uncle Miltie (0bama thought he'd find "common ground" on 0bamaCare because of ROMNEYCARE!)
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To: Uncle Miltie

So, the Fed could have loaned out 100 Billion, overnight, 87 times. That seems much more likely.

Personally, I argued that all these banks should have failed, in order to protect the taxpayer and defend against a permanent culture of bailouts (Moral Hazard).

And, while $100B is a lot of money, nonetheless, the post is likely misrepresentative of what actually occurred.


17 posted on 12/05/2010 10:57:07 PM PST by Uncle Miltie (0bama thought he'd find "common ground" on 0bamaCare because of ROMNEYCARE!)
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To: The Magical Mischief Tour

i’d put money on the fact that those banks helped orchestrate the housing collapse so the dems could get power in 2008

they didn’t care who they crushed to get power. the neds justified the means. nothing new here

their corruption is so obvious


18 posted on 12/05/2010 11:18:41 PM PST by sten
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To: The Magical Mischief Tour

bump


19 posted on 12/06/2010 12:11:01 AM PST by badgerlandjim
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To: sten

I’m thinking your way too.


20 posted on 12/06/2010 2:25:39 AM PST by 9YearLurker
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