Under the table: Fed secretly loaned $1.2 trillion to biggest banks 

WHAT: A persistent Freedom of Information drive uncovered the long-hidden news that the Federal Reserve lent banks $1.2 trillion to stop the economy from collapsing in 2008.

WHO: Almost half of the Fed’s top 30 borrowers were European firms, with the Royal Bank of Scotland taking the most at $84.5 billion. Meanwhile, the largest U.S. borrower was Morgan Stanley at $107.3 billion, followed by Citigroup at $99.5.

The Fed claims the emergency loans were all repaid and actually earned $13 billion in interest from 2007 to 2009. However, there can be no excuse for hiding such a huge expenditure of American taxpayers’ money.

About The Author

Staff Report

Staff Report

A daily newspaper covering San Francisco, San Mateo County and serving Alameda, Marin and Santa Clara counties.
Pin It

Speaking of...

More by Staff Report

Saturday, Mar 17, 2018


Most Popular Stories

© 2018 The San Francisco Examiner

Website powered by Foundation