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Bloomberg Report Details Fed’s Monster Bank Bailouts: $7.77 Trillion
""Give a man a gun and he can rob a bank, give a man a bank and he can rob the world!"
From the article:
"The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue."
Comments
http://www.thestreet.com/story/11334544/1/bernanke-defends-secret-bank-bailout.html
He says: Reports contains errors and a lot of inflated numbers is a result of double, triple or quadruple counting.
http://www.bloomberg.com/news/2011-12-06/bloomberg-news-responds-to-bernanke-criticism.html