Shocking: The Fed’s Trillion-Dollar Foreign Bank Bailout
The Federal Reserve has revealed details of the trillions of dollars it gave in emergency aid to U.S. and foreign banks during the financial crisis.
New documents show it paid out a staggering $1.5trillion (almost £1trillion) to British banks - over a third of the total money lent - in an effort to prop up the financial sector.
The Fed dished out $2.2trillion to banking giant Citigroup, $2.1trillion to Merrill Lynch and $2trillion to Morgan Stanley.
In addition, payments have also be made to Bear Stearns ($960billion), Bank of America ($887billion), Goldman Sachs ($615billion), JPMorgan Chase ($178billion) and Wells Fargo ($154billion).
And foreign banks who benefited from the Fed's aid included European Central Bank, Bank of England and the Bank of Japan as well as Swiss bank UBS, which borrowed more than $165billion, Deutsche Bank ($97billion) and the Royal Bank of Scotland ($92billion).
Cant possibly imagine a faster way to bankrupt this nation ...
Who's going to bail us out?