Federal Reserve Directors' Banks and Businesses Took $4 Trillion in Bailouts

[gnome]

http://www.commondreams.org/headline/2012/06/12-9

Published 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).

more: http://www.commondreams.org/headline/2012/06/12-9

[Malus]

http://www.commondreams.org/headline/2012/06/12-9

more: http://www.commondreams.org/headline/2012/06/12-9

Unfortunately, something we knew already. To bad it takes a bunch of senators 5 yrs to come to the same conclusion..........

[bemac]

Unfortunately, something we knew already. To bad it takes a bunch of senators 5 yrs to come to the same conclusion..........

Yeah, but it's nice to see those on the Left (CommonDreams.org) seeing it.

[gnome]

Yeah, but it's nice to see those on the Left (CommonDreams.org) seeing it.

The false left-right paradigm is breaking down more and more. Thanks to Obama, a lot of dems have been disillusioned.

It may have taken congresscritters 5 years to figure out, but still in time to not renew the feds charter or not in 2013. Not that I am optimistic on that count, but at least they can make bernanke squirm a bit during hearings.

[wallew]

Really?

You kind of LEAVE OUT ONE SALIENT FACT.

Five years LATER, all those TARP LOANS have been repaid by ANY institution that's still in business.

And while a few of them failed, some of the spectacularly, almost all of those that did were bought by other financial institutions and those institutions that bought them WERE REQUIRED TO REPAY THE GOV THE MONEY. There were a few small banks that failed and were NOT bought out, generally rural institutions.

The GOVERNMENT NEVER FORGIVES A LOAN, unless you DIE.

kind leave that part out, don't we sunshine?

[bemac]

Loan me trillions, I'll pay you back, with interest. No problem.

[TimoneX]

Really?

You kind of LEAVE OUT ONE SALIENT FACT.

Five years LATER, all those TARP LOANS have been repaid by ANY institution that's still in business.

And while a few of them failed, some of the spectacularly, almost all of those that did were bought by other financial institutions and those institutions that bought them WERE REQUIRED TO REPAY THE GOV THE MONEY. There were a few small banks that failed and were NOT bought out, generally rural institutions.

The GOVERNMENT NEVER FORGIVES A LOAN, unless you DIE.

kind leave that part out, don't we sunshine?

You find this behavior acceptable? Why bailout at all? How can the system correct if failed companies are simply bailed out? Doesn't that just encourage more and greater excesses? This is the opposite of free market activity.

...also why bailout goldman, citi, etc...and let lehman hang? More and better bribes?