Monday, 28 November 2011

Fed Funnels Money to Banks on the Sly

Excellent Bloomberg story showing what was largely an open secret (even if the details weren't known), well before the Fed was forced to cough up the paperwork on its bailout of the U.S. financial system:

Secret Fed Loans Gave Banks Undisclosed $13 Billion

This should be required reading for every American.

The hard-hitting article also reinforces the image of Geithner as a complete tool.

The ground left uncovered: that, for this enormous bailout, we the taxpayer got very little. Our financial regulators, our political leaders, failed to effectively reform a banking system that has metastasized out of control.