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megimoo
12-02-2010, 09:46 AM
FED SECRETLY BAILED OUT GE; COMPANY'S NEWS OUTLETS DID NOT REVEAL IN COVERAGE OF FED...

Fed aid in financial crisis went beyond U.S. banks to industry, foreign firms

The financial crisis stretched even farther across the economy than many had realized, as new disclosures show the Federal Reserve rushed trillions of dollars in emergency aid not just to Wall Street but also to motorcycle makers, telecom firms and foreign-owned banks in 2008 and 2009.

The Fed's efforts to prop up the financial sector reached across a broad spectrum of the economy, benefiting stalwarts of American industry including General Electric and Caterpillar and household-name companies such as Verizon, Harley-Davidson and Toyota. The central bank's aid programs also supported U.S. subsidiaries of banks based in East Asia, Europe and Canada while rescuing money-market mutual funds held by millions of Americans.

The biggest users of the Fed lending programs were some of the world's largest banks, including Citigroup, Bank of America, Goldman Sachs, Swiss-based UBS and Britain's Barclays, according to more than 21,000 loan records released Wednesday under new financial regulatory legislation.

http://www.washingtonpost.com/wp-dyn/content/article/2010/12/01/AR2010120106870.html

ironhorsedriver
12-02-2010, 10:30 AM
Well, I guess we know why we didn't see much happen from this debacle. Wonder how many shovel ready jobs they got out of this.

lacarnut
12-02-2010, 10:49 AM
No wonder corporations like Goldman S., Cat, GE, etc were showing huge profits. They were coming at the expense of the American taxpayer.