Millions - though a large amount - is pocket change compared to what banks are receiving from our FedReserve and untimately - us.
The first ever GAO (Government Accountability Office) audit of the Federal Reserve was carried out in the past few months due to the Ron Paul, Alan
Grayson Amendment to the Dodd-Frank bill, which passed last year. Jim DeMint, a Republican Senator, and Bernie Sanders, an independent Senator, led
the charge for a Federal Reserve audit in the Senate, but watered down the original language of the house bill (HR1207), so that a complete audit
would not be carried out. Ben Bernanke (pictured to the left), Alan Greenspan, and various other bankers vehemently opposed the audit and lied to
Congress about the effects an audit would have on markets. Nevertheless, the results of the first audit in the Federal Reserve’s nearly 100 year
history were posted on Senator Sander’s webpage earlier this morning.
)" target="_blank" class="postlink" rel="nofollow">Sanders' article
What was revealed in the audit was startling: $16,000,000,000,000.00 (TRILLION) had been secretly given out to US banks and corporations and foreign
banks everywhere from France to Scotland. From the period between December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the
world’s banks, corporations, and governments. The Federal Reserve likes to refer to these secret bailouts as an all-inclusive loan program, but
virtually none of the money has been returned and it was loaned out at 0% interest. Why the Federal Reserve had never been public about this or even
informed the United States Congress about the $16 trillion dollar bailout is obvious — the American public would have been outraged to find out that
the Federal Reserve bailed out foreign banks while Americans were struggling to find jobs.
“This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.” – Bernie Sanders(I-VT)
The list of institutions that received the most money from the Federal Reserve can be found on page 131 of the GAO Audit and are as follows..
Citigroup: $2.5 trillion ($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion ($868,000,000,000)
Bear Sterns: $853 billion ($853,000,000,000)
Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)
and many many more including banks in Belgium of all places
View the 266-page GAO audit of the Federal Reserve(July 21st, 2011): www.scribd.com...
FULL PDF on GAO server: www.gao.gov...
Senator Sander’s Article: sanders.senate.gov...
Posted on Fourwinds July 21, 2011