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  1. Secret Fed Loans Gave Banks Undisclosed $13B

    soupsoup:

    The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue.

    Saved by the bailout, bankers lobbied against government regulations, a job made easier by the Fed, which never disclosed the details of the rescue to lawmakers even as Congress doled out more money and debated new rules aimed at preventing the next collapse.

    2. 409 Notes
    1. keslie-stone reblogged this from jemmytee57
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    8. commedesfuckdwn reblogged this from soupsoup
    9. emptymanuscript reblogged this from wilwheaton and added:
      Is it just me or have some people been using the Devil’s Dictionary as fact instead of satire?
    10. anindiscriminatecollection reblogged this from jesuisperdu
    11. carnivaloftherandom reblogged this from wilwheaton and added:
      In case you’ve missed it before.
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    15. ambidrome reblogged this from wilwheaton and added:
      pay for their failure.
    16. evelynthunderstorm reblogged this from wilwheaton
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    24. bellaknoti reblogged this from wilwheaton and added:
      Right there with ya, sir.
    25. jemmytee57 reblogged this from soupsoup and added:
      Politicians have...us? Please! Get a job.
    26. adeledawn reblogged this from wilwheaton
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    32. chadnolan reblogged this from wilwheaton and added:
      Wanna cry? Read.
    Reblogged: soupsoup