more: http://www.commondreams.org/headline/2012/06/12-9Published on Tuesday, June 12, 2012 by Common DreamsFederal Reserve Directors' Banks and Businesses Took $4 Trillion in Bailouts: Report
'Inherent conflicts of interest' in 2008 bailout aftermath revealed
- Common Dreams staff
A report released today by US Senator Bernie Sanders (I-Vt.) has revealed the names of 18 former and current directors from Federal Reserve Banks who directly benefited from financial bailouts after the 2008 crisis. The Reserve directors worked in banks and corporations that collectively received over $4 trillion in bailout money allocated by the Federal Reserve.
Jamie Dimon, chairman and chief executive of JP Morgan Chase, and and other Fed board members' benefited from Fed actions. (Reuters/Keith Bedford)Essentially, action taken by the Federal Reserve overwhelmingly benefited directors of the Federal Reserve, above other beneficiaries. The report titledJamie Dimon Is Not Alone names the top 18 Reserve directors including Jamie Dimon who received the largest Federal Reserve loans and other financial assistance during the crisis.
"This report reveals the inherent conflicts of interest that exist at the Federal Reserve. At a time when small businesses could not get affordable loans to create jobs, the Fed was providing trillions in secret loans to some of the largest banks and corporations in America that were well represented on the boards of the Federal Reserve Banks. These conflicts must end," Sanders said.
To read the report click here (pdf).