Posted on 04/01/2011 6:25:39 AM PDT by maggief
One of the biggest secrets of the financial crisis was disclosed Thursday when the Federal Reserve released thousands of pages of data showing heavy discount-window borrowing by foreign banks, regional U.S. banks and institutions fighting for survival.
It was the first time the Fed has given details about banks that borrowed from the central bank's oldest emergency-lending facility. Thursday's move was forced by lawsuits filed by Bloomberg LP's Bloomberg News and News Corp.'s Fox Business Network, and last year's Dodd-Frank law requires the Fed to disclose future borrowings after a two-year lag. Details of other rescue programs by the Fed were made public in December.
(Excerpt) Read more at online.wsj.com ...
Are audited every year.
The Federal Reserve is a privately owned central bank. It is not Federal and it does whatever it likes. It owns trillions in Treasuries so one day it may dictate to the Federal Government same as China does these days. Perhaps the FR will demand some National Parks that have coal for collateral. The US taxpayers are in hock to this scummy central bank
Yes....These loans to foreign banks were paid back...this time around at least
Are you suggesting that I take the Fed’s word for it? Because if you are, let me just say that I’d like it taken under oath first :)
Are audited every year. >>>>>
A BS audit they are scum. Do a Ron Paul type audit to find the real truth of what these skimmers are up to
You are partially correct.
Every loan they make is backed by the us taxpayer
I’ve got a bridge to sell ya’. And, how about those unemployment numbers? :)
“I grew up with Wall Street geniuses.” “What they do in terms of fraud and how they change documents [is very common].” Trump
Why do they have a .gov URL?
Why did they give the Treasury $78.4 billion last year?
Why does the President get to appoint their chairman?
It is not Federal
Why did it take an act of congress to create it?
As opposed to Ron Paul's word? LOL!
http://news.yahoo.com/s/ap/20110401/ap_on_re_us/us_nation_of_islam_farrakhan
Farrakhan: Libya has lent Nation of Islam millions
They don't use taxpayer money.
Thanks, that's good to hear. I looked at the Fed's website, but I didn't see any information about these loans. Do you know if detailed information has been released? The Bloomberg report linked by Zero Hedge only gives a single general sentence about the loans' status.
The loans they make are to buy up US Treasuries and never have they owned so many. Usually they just buy and sell and recirculate them in a way to provide orderly interest rates and growth. Say the Fed owns one trillion in Treasuries these days. Their collateral is the ability of the USG to tax thus paying interest and principle. Down the road they can ask for oil, coal, mineral rich Federal lands to be pledged as collateral and in the event of default the Fed will own them.
Like I said, the Federal Reserve is a private bank. It does not have to act in synch with Feral Government policies
Two points: Firstly, I never mentioned Ron Paul.
Secondly, I'm not the one taking the Fed's word for anything. Capisce ? :)
“The loans were fully collateralized. And repaid.”
Fed Let Brokers Turn Junk to Cash at Height of Financial Crisis
Friday, 01 Apr 2011 09:21 AM
Friday, 01 Apr 2011 09:21 AM
At the height of the financial crisis, the Federal Reserve allowed the world’s largest banks to turn more than $118 billion in junk bonds, defaulted debt, securities of unknown ratings and stocks into cash.
Collateral of those asset types made up 72 percent of the total $164.3 billion in market-rate securities pledged to the Fed on Sept. 29, 2008, two weeks after the bankruptcy of Lehman Brothers Holdings Inc., according to documents released yesterday. The collateral backed $155.7 billion in loans on the largest day of borrowing from the Primary Dealer Credit Facility, which was created in March 2008 to provide loans to brokers as Bear Stearns Cos. collapsed.
(snip)
The Fed is a cartel. Nuff said.
lol..... you know darn well the Federal Reserve is private...peddle that swill to the fools
BTW genius. If I work at the Federal Reserve who signs my paycheck? The Treasurer of the United States or some upper echelon flunky at the Federal Reserve?
BTW the old joke about the Federal Reserve is that they were not listed in the (blue) government pages of the phone book. And it was true!
“At the height of the financial crisis, the Federal Reserve allowed the world’s largest banks to turn more than $118 billion in junk bonds, defaulted debt, securities of unknown ratings and stocks into cash.”
Was that cash used to pay off the loans?
Makes me wonder what the Brits are up to...
Money’s fungible. Who the heck knows. But this is a nightmare.
I'm not sure.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.