Wednesday, December 28, 2011

Trillion$ In Secret Loan$

The U.S. Federal Reserve (Central Bank of the United States) promised $7.8 trillion in loans to U.S. banks without Congress's knowledge during the financial crisis between Aug. 2007 and March 2009 / with $1.2 trillion going out the door in actual loans -- even as lawmakers fiercely fought over the Troubled Asset Relief Program (TARP) which was $700 billion. The Feds low rates gave the banks $13 billion in direct profits -- which was 1/4 of the profits that the six biggest U.S. banks turned during that period.