Applause???
http://sanders.senate.gov/newsroom/news/?id=ECE720E4-D5D6-4EFF-937C-DCADA784C3F9
In another dubious twist, the Fed loans, at interest rates as low as 0.25 percent, relied on U.S. Treasury securities as collateral. In other words, at the same time that the Arab Banking Corp. was borrowing money at almost zero interest from one arm of the government, the Fed, it was lending money at a higher interest rate to another arm of the U.S. government, the Treasury Department.
CROSSLINK to another thread:
http://www.freerepublic.com/focus/f-news/2698259/posts
Foreign Banks Used Fed Secret Lifeline Most at Crisis Peak (abuse of taxpayer money)
Bloomberg/Businessweek (web link only) | 01-April-2011 | By Bradley Keoun and Craig Torres
Posted on Friday, April 01, 2011 12:24:46 PM by topher