The figures are in: $16.1 trillion bailout not $700 billion - GoFuckYourself.com

onwebcam · 07-23-2011, 01:48 PM

Audit: Fed gave $16 trillion in emergency loans

By Stephen C. Webster
Thursday, July 21st, 2011 -- 11:34 am

The U.S. Federal Reserve gave out $16.1 trillion in emergency loans to U.S. and foreign financial institutions between Dec. 1, 2007 and July 21, 2010, according to figures produced by the government's first-ever audit of the central bank.

Last year, the gross domestic product of the entire U.S. economy was $14.5 trillion.

Of the $16.1 trillion loaned out, $3.08 trillion went to financial institutions in the U.K., Germany, Switzerland, France and Belgium, the Government Accountability Office's (GAO) analysis shows.

Additionally, asset swap arrangements were opened with banks in the U.K., Canada, Brazil, Japan, South Korea, Norway, Mexico, Singapore and Switzerland. Twelve of those arrangements are still ongoing, having been extended through August 2012.

Out of all borrowers, Citigroup received the most financial assistance from the Fed, at $2.5 trillion. Morgan Stanley came in second with $2.04 trillion, followed by Merill Lynch at $1.9 trillion and Bank of America at $1.3 trillion.

The audit also found that the Fed mostly outsourced its lending operations to the very financial institutions which sparked the crisis to begin with, and that they delegated contracts largely on a no-bid basis. The GAO report recommends new policies that would eliminate such conflicts of interest, and suggests that in the future the Fed should keep better records of their emergency decision-making process.

The Fed agreed to "strongly consider" the recommendations, but as it is not a government-run institution it cannot be forced to do so by lawmakers. The seven-member board of governors and the Fed chairman are, however, appointed by the President of the United States and confirmed by the Senate.

http://www.rawstory.com/rs/2011/07/2...ergency-loans/

CurrentlySober · 07-23-2011, 01:49 PM

i cant afford $16.1 trillion...

nor can the usa

Joshua G · 07-23-2011, 01:58 PM

i wish i had a printing press. I would make myself a trillionaire.

marketsmart · 07-23-2011, 02:01 PM

i cant believe the fed agreed to the audit..

i thought the have been fighting that for the last 2 years..

staggering numbers...

.

Mike Honcho · 07-23-2011, 02:28 PM

bronco67 · 07-23-2011, 02:48 PM

Why are people that don't create a damn thing in control of so much money? Their business is inherently criminal, and based on leeching from the people that actually contribute to society. I'll bet if you go back to the beginning of human civilization, there were low life scumbags without talents, following the money around to scam their piece for doing nothing. Today, they just work on Wall Street. Worthless people. I hope they all die horrible deaths.

epitome · 07-23-2011, 03:44 PM

If that's the case then it was done on purpose so that the fed owns most developed nations, just like it has owned the US.

Agent 488 · 07-23-2011, 03:53 PM

source is bullshit. the left wing world net daily. you people of all people should not believe everything that slithers across the internet.

biskoppen · 07-23-2011, 03:57 PM

buy guns.. buy canned food.. buy generators.. buy gas..

Bill8 · 07-23-2011, 04:07 PM

Quote:

Originally Posted by marketsmart

i cant believe the fed agreed to the audit..

i thought the have been fighting that for the last 2 years..

staggering numbers...

.

Dodd-Frank required it. I think we can assume the report was massaged somewhat.

I've read in quite a few places estimates of the balout at about 8 trillion - the GAO report suggests at least twice that much, if the summaries so far are reliable. It's a dense report written in financialeze.

From the GAO report:

Why GAO Did This Study

The Dodd-Frank Wall Street Reformand Consumer Protection Act directedGAO to conduct a one-time audit of theemergency loan programs and other assistance authorized by the Board of Governors of the Federal ReserveSystem (Federal Reserve Board)during the recent financial crisis. This report examines the emergency actions taken by the Federal ReserveBoard from December 1, 2007, throughJuly 21, 2010.

http://www.scribd.com/doc/60553686/G...-Investigation

Bill8 · 07-23-2011, 04:10 PM

If true, it does suggest the scale of the crimes and mismanagement.

onwebcam · 07-23-2011, 04:19 PM

Quote:

Originally Posted by Agent 488

source is bullshit. the left wing world net daily. you people of all people should not believe everything that slithers across the internet.

try some other source you may believe. But considering you've been in denial for quite some time I don't find you believing any truth.

The Fed Audit

July 21, 2011

The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression.

http://sanders.senate.gov/newsroom/n...3-62060dcbb3c3

“As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world,” Sanders said in a statement. “This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.”

http://www.washingtonpost.com/busine...nSI_story.html

dyna mo · 07-23-2011, 04:30 PM

Among the investigation's key findings is that the Fed unilaterally provided trillions of dollars in financial assistance to foreign banks and corporations from South Korea to Scotland, according to the GAO report. "No agency of the United States government should be allowed to bailout a foreign bank or corporation without the direct approval of Congress and the president," Sanders said.

D Ghost · 07-23-2011, 04:48 PM

epiiiiiiic

Socks · 07-23-2011, 10:52 PM

It's class warfare folks, and guess whose allowed to use their guns.

Rochard · 07-23-2011, 11:07 PM

The $16 trillion figure isn't what it cost us.

Quote:

Originally Posted by onwebcam

The U.S. Federal Reserve gave out $16.1 trillion in emergency loans to U.S. and foreign financial institutions

Seems to me most of that money was loans.

I've grown tired of big headlines that shock us, but are totally misleading. It's not long about reporting news, it's about generating shocking headlines to get our attention. It's wrong.

But this is interesting...

Quote:

Of the $16.1 trillion loaned out, $3.08 trillion went to financial institutions in the U.K., Germany, Switzerland, France and Belgium, the Government Accountability Office's (GAO) analysis shows.

That's stunning.

onwebcam · 07-23-2011, 11:15 PM

Quote:

Originally Posted by Rochard

The $16 trillion figure isn't what it cost us.

Seems to me most of that money was loans.

I've grown tired of big headlines that shock us, but are totally misleading. It's not long about reporting news, it's about generating shocking headlines to get our attention. It's wrong.

But this is interesting...

That's stunning.

I take it you haven't been to the grocery store in awhile?

07-23-2011, 01:48 PM	#1
onwebcam Fake Nick 1.0 Industry Role: Join Date: Oct 2005 Location: Rent free, your head Posts: 27,659	The figures are in: $16.1 trillion bailout not $700 billion Audit: Fed gave $16 trillion in emergency loans By Stephen C. Webster Thursday, July 21st, 2011 -- 11:34 am The U.S. Federal Reserve gave out $16.1 trillion in emergency loans to U.S. and foreign financial institutions between Dec. 1, 2007 and July 21, 2010, according to figures produced by the government's first-ever audit of the central bank. Last year, the gross domestic product of the entire U.S. economy was $14.5 trillion. Of the $16.1 trillion loaned out, $3.08 trillion went to financial institutions in the U.K., Germany, Switzerland, France and Belgium, the Government Accountability Office's (GAO) analysis shows. Additionally, asset swap arrangements were opened with banks in the U.K., Canada, Brazil, Japan, South Korea, Norway, Mexico, Singapore and Switzerland. Twelve of those arrangements are still ongoing, having been extended through August 2012. Out of all borrowers, Citigroup received the most financial assistance from the Fed, at $2.5 trillion. Morgan Stanley came in second with $2.04 trillion, followed by Merill Lynch at $1.9 trillion and Bank of America at $1.3 trillion. The audit also found that the Fed mostly outsourced its lending operations to the very financial institutions which sparked the crisis to begin with, and that they delegated contracts largely on a no-bid basis. The GAO report recommends new policies that would eliminate such conflicts of interest, and suggests that in the future the Fed should keep better records of their emergency decision-making process. The Fed agreed to "strongly consider" the recommendations, but as it is not a government-run institution it cannot be forced to do so by lawmakers. The seven-member board of governors and the Fed chairman are, however, appointed by the President of the United States and confirmed by the Senate. http://www.rawstory.com/rs/2011/07/2...ergency-loans/ __________________ PLEASE WAIT WHILE BIDEN ADMIN UNINSTALLS ITSELF..... ██████████████████▒ 99.5% complete.

07-23-2011, 01:49 PM	#2
CurrentlySober Too lazy to wipe my ass Industry Role: Join Date: Aug 2002 Location: A Public Bathroom Posts: 38,592	i cant afford $16.1 trillion... nor can the usa __________________ My AI Handywork... My Dream Gal... XXX 👁️ 👍️ 💩

07-23-2011, 02:28 PM	#5
Mike Honcho Confirmed User Industry Role: Join Date: Aug 2007 Location: FL Posts: 1,608	__________________

07-23-2011, 02:48 PM	#6
bronco67 Too lazy to set a custom title Join Date: Dec 2006 Posts: 29,032	Why are people that don't create a damn thing in control of so much money? Their business is inherently criminal, and based on leeching from the people that actually contribute to society. I'll bet if you go back to the beginning of human civilization, there were low life scumbags without talents, following the money around to scam their piece for doing nothing. Today, they just work on Wall Street. Worthless people. I hope they all die horrible deaths. __________________ Last edited by bronco67; 07-23-2011 at 02:51 PM..

07-23-2011, 03:57 PM	#9
biskoppen Confirmed User Join Date: Mar 2003 Location: Very small penis Posts: 5,809	buy guns.. buy canned food.. buy generators.. buy gas.. __________________ Submit my videos to make bank, tons of 5 minute videos offered right here

07-23-2011, 01:58 PM	#3
Joshua G dumb libs love censorship Industry Role: Join Date: Jul 2008 Posts: 8,198	i wish i had a printing press. I would make myself a trillionaire.

07-23-2011, 02:01 PM	#4
marketsmart HOMICIDAL TROLL KILLER Industry Role: Join Date: Dec 2004 Location: Sunnybrook Institution for the Criminally Insane Posts: 20,419	i cant believe the fed agreed to the audit.. i thought the have been fighting that for the last 2 years.. staggering numbers... .

07-23-2011, 03:44 PM	#7
epitome So Fucking Lame Industry Role: Join Date: Jun 2009 Location: St. Petersburg, FL Posts: 12,156	If that's the case then it was done on purpose so that the fed owns most developed nations, just like it has owned the US.

07-23-2011, 03:53 PM	#8
Agent 488 Registered User Industry Role: Join Date: Feb 2006 Posts: 22,511	source is bullshit. the left wing world net daily. you people of all people should not believe everything that slithers across the internet.

07-23-2011, 04:10 PM	#11
Bill8 Confirmed User Join Date: Oct 2001 Posts: 1,901	If true, it does suggest the scale of the crimes and mismanagement.

07-23-2011, 04:30 PM	#13
dyna mo The People's Post Industry Role: Join Date: Dec 2008 Location: invisible 7-11 Posts: 64,779	Among the investigation's key findings is that the Fed unilaterally provided trillions of dollars in financial assistance to foreign banks and corporations from South Korea to Scotland, according to the GAO report. "No agency of the United States government should be allowed to bailout a foreign bank or corporation without the direct approval of Congress and the president," Sanders said.

07-23-2011, 04:48 PM	#14
D Ghost null Industry Role: Join Date: May 2006 Posts: 9,820	epiiiiiiic

07-23-2011, 10:52 PM	#15
Socks Confirmed User Industry Role: Join Date: May 2002 Location: Toronto Posts: 8,475	It's class warfare folks, and guess whose allowed to use their guns.