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Discussion Forum : News and Current Events : The Fed Audit: 16 Trillion in secret bail outs!

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 The Fed Audit: 16 Trillion in secret bail outs!



The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. "As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," said Sanders. "This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else."

The Fed outsourced virtually all of the operations of their emergency lending programs to private contractors ...

read more: http://sanders.senate.gov/newsroom/


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