Banks Play Shell Game with Taxpayer Dollars

Oh, you are so not going to believe this!

Just when you thought the Banksters couldn't sink any lower. You think to yourself there is simply no way they would dare screw the working class any more then they already have, we get this story...

Analysis: Banks Play Shell Game with Taxpayer Dollars

www.commondreams.org...

A study requested by Sen. Bernie Sanders (I-Vt.) found numerous instances during the financial crisis of 2008 and 2009 when banks took near zero-interest funds from the Federal Reserve and then loaned money back to the federal government on sweetheart terms for the banks.

The banks pocketed interest on government securities that paid rates up to 12 times greater than the Fed’s rock bottom interest charges, according to a Congressional Research Service analysis conducted for Sanders.

“Instead of using the Fed loans to reinvest in the economy, some of the largest financial institutions in this country appear to have lent this money back to the federal government at a higher rate of interest by purchasing U.S. government securities.”

Yup!

We were giving these mega-banks our tax-payer dollars at practically zero interest. They would then turn around and loan OUR tax dollars back to our government at up to 12 times the interest rate. Catch that? TWELVE times the interest we were charging them. This money was given to them to help stimulate our economy and boost lending to businesses and instead this!

Is this a royal screw job, or what?!?!?!?!?

I am truly at a loss for words. This is insanity!

So, where are our leaders and government officials during this span? What do they plan to do to remedy let alone, dare I say it, punish these *ssh*les?

Dark days my friends. Dark days!

Guess I've known this for awhile. Not the specifics but that the government and FedRes were abetting the banks in their continued theft. And yet, no prosecutions on this, the fraudclosures, or anything else these banks have gotten away with.

From what I've seen, our "representatives" have been busy investing their lobby dollars as they facilitate the meteoric rise in financial stocks (with their assistance). Once in awhile they convene to determine how to further erode constitutional rights while taxing their citizens into poverty.

reply to post by Scalded Frog


Yeah, we're being scammed big time.

Remember when the whole bailout process began? All the people at the Fed were totally insistent that Congress forgo any oversight safeguards.

Now we know why.