The Fed Bails Out Gaddafiís Libyan Bank, Arab Banking Corp. of Bahrain, Banks of Bavaria, Korea and Mexico Ö But Shafts America
Fox Business noted in December:
The American people didnít get to vote on these huge bailouts and low-cost loans to foreign banks.
The conflicts of interest and policy controversies in the Federal Reserveís bailout of the financial system now include helping out millionaires, billionaires, foreign automakers, and companies whose executives sit on the board of directors of the U.S. central bank.
The Federal Reserve also bought more than $2.2 billion in commercial paper from the state-owned central bank of Bavaria, and it gave more than $23 billion in loans to the Arab Banking Corp. based in Bahrain, with an interest rate as low as a quarter of a percentage point. The Federal Reserve also lent more than $9.6 billion to the Central Bank of Mexico.
Banks worldwide tapped into the Federal Reserveís emergency lending programs more than 4,200 times for a total of $3.8 trillion, estimates show.
Senator Sandersí staff found that ďseveral billionaires and tens of multi-millionaires received cheap loans from the Fed ... That Fed program is called the Term Asset-backed Securities Loan Facility.
The rich include Christy Mack, the wife of Morgan Stanleyís John Mack, billionaire businessman H. Wayne Huizenga; and Michael Dell, co-founder of Dell Computer, hedge fund manager John Paulson and private equity honcho J. Christopher Flowers.
[Senator Sanders] also says that it appears the Fed provided loans to over 100 separate hedge funds, offshore funds, and other investment funds located in the Cayman Islands and other tax havens via the TALF program alone.
Congress didnít get to vote on them Ö they didnít even know about them.
Independent economists didnít have a chance to weigh in on whether shipping American dollars abroad is good for the U.S.
Indeed, it seems as if the Fed has chosen to help everyone but the average American Ö choosing the big banks and financiers Ė abroad or in the U.S. Ė again and again at the expense of the little guy. (The Fed is even intentionally curbing lending by the banks to Main Street.)
So WHERE are the Republican Congressional girly men in holding the mercedez marxist accountable?