Wednesday, October 5, 2011
Fed's $16,000,000,000,000 @ NEAR ZERO%
How much money is $16 TRILLION?
Buried in a 266 page GAO (Government Accountability Office) recently published report is the number $16,000,000,000,000, the total amount of "ASSISTANCE" the Fed granted to several banks in the system.
Page 29 of the exhaustive and at times terribly tedious report details the "TIMELINE" of emergency actions taken by the Fed from 2007-2011.
Why isn't this on ABC-CNN-NBC-MSNBC-CNBC etc?
Why aren't these lazy journalists INVESTIGATING THIS?
What is MAIDEN LANE'S significance in all of this?
On page 197 of the report is a list of FEES GENERATED by various firms for their services DURING THE CRISIS ---
Black Rock generated a WHOPPING $107.6 million in FEES. Reading through this report might require a masters degree in both LAW and FINANCE, because the words "Billions" and "Millions" are bandied around like they're going out of fashion.
The BOTTOM LINE?
Trillions of dollars were SECRETLY LENT to several mismanaged institutions at near zero % interest, while OMOTS mortgage holders were SCREWED by ARMs (Adjustable Rate Mortgages).
Countries like Greece had reports written up about their economic affairs that LIED ABOUT THE REALITY. Goldman Sachs was paid huge amounts to prepare a report on Greece that was simply NOT TRUE.
See Links ---
Who's left on the hook for all of this?
The American tax payer, that's who!