Further giveaways to banks
2011-11-29 18:58:49.608761+01 by Dan Lyke 0 comments
It looks like the mainstream press has finally gotten a hold of the Bernie Sanders complaints about the Fed audit mentioned here back in October: Bloomberg: Secret Fed Loans Gave Banks $13 Billion:
JPMorgan Chase & Co. CEO Jamie Dimon told shareholders in a March 26, 2010, letter that his bank used the Fed’s Term Auction Facility “at the request of the Federal Reserve to help motivate others to use the system.” He didn’t say that the New York-based bank’s total TAF borrowings were almost twice its cash holdings or that its peak borrowing of $48 billion on Feb. 26, 2009, came more than a year after the program’s creation.