Monday, April 04, 2011

Federal Reserve Releases 29,000 Pages of Bailout Loans that Includes Libya.

Late last week, the court ordered the Federal Reserve to release (see download zip archive link)  29,000  pages of documents that contain the complete contents of the Federal Reserve Discount Window data on loans, from August 8, 2007 to March 1 2010.  Many of these loans bail out foreign banks during the height of the financial crisis in 2008. Moreover, some of those banks are even controlled by "repressive dictators" such as Qaddafi (Arab Banking Corp, 59% owned by the Libyan central bank at the time, received 46 different loans).  That's right, the 100% Libyan owned central bank that those "ragtag bunch of rebels"  shut down so easily  in order to  immediately establish a brand new national central bank (not to mention, the brand new national oil company) received lots of  bailout money!  

Only one man, Sen. Bernie Sanders,  dared to question why billions of American taxpayer dollars bailed out a Libyan-owned bank.

Here is the emergency order that was issued by the Federal Reserve on Feb. 25, 2011, exempting the Arab Bank Corporation from the previous freeze order.

All transactions involving banks that are owned or controlled by the Govemment of Libya and organized under the laws of a country other than Libya are authorized...
So, let me get this straight. In our nation, poverty is escalating, our infrastructure is rapidly deteriorating, the middle-class is withering away to nothing, we're involved in three wars, yet, the only concern in Washington is balancing the budget on the backs of working families. Federal programs that provide suffering people basic needs and/or try to level the playing field, such as: early education, job training, post-secondary education, nutrition assistance for women and children, home heating programs for low-income people, planned parenthood, community health centers, e-gov, transportation, etc, will be slashed to the bone.

In the meantime, taxpayer subsidized banksters and corporate giants who are earning record breaking profits, continue to live off the dole. The pentagon continues to waste billions, not to mention, outright loses trillions of dollars ($2.3 trillion that Rumsfeld announced, went missing, 9/10/11).  Two-thirds of all US corporations pay no federal income tax, and almost all of the corporations continue to sit on trillions and trillions of dollars, refusing to hire, or invest any of that money back into the American economy. Despite this, slashing the corporate tax rate is top priority.

Links:

Download zip archive (129 MB)

Foreign Banks Tapped Fed’s Secret Lifeline Most at Crisis Peak
The biggest borrowers from the 97-year-old discount window as the program reached its crisis-era peak were foreign banks, accounting for at least 70 percent of the $110.7 billion borrowed during the week in October 2008 when use of the program surged to a record. The disclosures may stoke a reexamination of the risks posed to U.S. taxpayers by the central bank’s role in global financial markets.

Fed Releases Discount-Window Loan Records During Crisis Under Court Order

The Federal Reserve released thousands of pages of secret loan documents under court order, almost three years after Bloomberg LP first requested details of the central bank’s unprecedented support to banks during the financial crisis.

The records reveal for the first time the names of financial institutions that borrowed directly from the central bank through the so-called discount window. The Fed provided the documents after the U.S. Supreme Court this month rejected a banking industry group’s attempt to shield them from public view.

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