Federal Reserve REWARDS Fraud By Throwing Money At Criminal Manipulators
You know that Libor is the largest economic scam in world history and the largest insider trading scandal ever.
You know that the Federal Reserve knew about the manipulation by August 2007. And see this.
But did you realize that the Fed and Treasury threw billions of dollars of taxpayer money at Barclays and the other Libor-manipulating banks after they knew about the manipulation … and did nothing to stop it?
As Richard Eskow notes:
Thanks to the GAO audit of the Fed — an audit which it vigorously resisted — we know that Barclays was the fifth largest recipient of emergency loans. Bailout loans for Barclays came to $868 billion. That means that Barclays probably made billions off the reduced interest rate alone, courtesy of the American people.
Those loans were granted between December 2007 and July 2010. That means the Fed was doling out billions to Barclays after it learned that the bank was lying about its LIBOR rates.
Indeed, all of the probable Libor manipulators – including Citi, JP Morgan Chase, Bank of America, UBS, RBS and Deutsche – were huge recipients of bailout money courtesy of the American taxpayer:
Table 8: Institutions with Largest Total Transaction Amounts (Not Term-Adjusted) across Broad-Based Emergency Programs (Borrowing Aggregated by Parent Company and Includes Sponsored ABCP Conduits), December 1, 2007 through July 21, 2010
Source: GAO analysis of Federal Reserve System data.
(Click table for larger image)
No, the criminals haven’t paid back the bailout money, American taxpayers are still bailing them out and helping them grow bigger, and the banks are committing more fraud every day.
The government isn’t doing anything to rein in the big banks … no wonder people are starting to call for bankers’ heads.
Comments
United States Corporation
The FED is a corporation, the USA is a corporation. We the people have been assumed to be owned by this corporation each since our birth. We don't owe any money, the corporation does. Let them pay their debts. They are dying and we will not bail them out.
Lifes big joke
I found out that in America this meant that everyone could of gotten 100,000 dollars . As a teacher that means every single 1 of my students would have gone to college for free and would of had a trust fund for their retirement . most of the worries and stress of the daily life of americans would have been over and wr could have found our passion or love not just how to survive . could you imagine all that freedom we could of spent using our brain power, our muscle power to help others . I just don't understand why the really rich people don't feel like I do you have all the money you could really do something cool with it and you don't your just greedy . I make enough just to make ends meet and I use my gift of healing work for others for free . that's my divine contract if I have a job than I can work for free for others in need . I wish for today is everybody take the vibe I've tried to send out grow it send it make other people feel it . or we could still meditate on every firing pin in the world not working .
Flood the Federal Reseve with calls
I think we need to flood the federal Reseve with call on their practice of giving billions to banks that committed fruad with this LIBOR scam! Maybe this will get there attention that we are watching them closely, and file a class action law suit for there practices! We would need to get at least 1mil signatures.