October 24, 2011
How the Fed secretly bailed out American and foreign banks
Thanks to reader Mark, I came across this report by US Senator Bernie Sanders about a GAO audit of the Federal Reserve that reveals that it secretly loaned out over $16 trillion dollars to American banks and businesses all over the world. The audit also revealed that there were people on the board of the Fed who seemed to be benefiting from the Fed's actions.
Such audits of the Fed are a new thing this year, thanks to legislation sponsored by Sanders. It is ridiculous that such secrecy has been allowed for so long to institutions that are publicly funded and use public money.