Dresdner Bank AG: #23 recipient of Fed’s ‘secret liquidity lifelines”

 Notes from Bloomberg  Nov 28, 2011:     

German insurer Allianz SE put its Dresdner Bank AG unit up for sale in 2008 as subprime-mortgage losses mounted.

By the time Frankfurt-based Commerzbank AG agreed to buy Dresdner on Aug. 31, 2008, for 9.8 billion euros ($14.4 billion), Dresdner was borrowing $11 billion from the U.S. Federal Reserve.

After the deal closed in January 2009 at a renegotiated price of 5.1 billion euros, Frankfurt-based Dresdner kept drawing from the Fed. The last of its loans from the U.S. central bank were repaid on July 16, 2009, more than six months after the Commerzbank deal closed.

Peak amount of debt on 7/02/2008: $18.4B

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The U.S. Federal Reserve was providing bail-out funds, through various credit facilities, to banking operations all over the globe during the height of the financial crisis.

Many of these banks created their own systemic toxicities – and U.S. taxpayers bailed them out.

The Leviticus 25 Plan provides the mechanism for a Citizens Credit Facility – to provide equal access to liquidity for U.S. citizens.  After all it is our money.

The Leviticus 25 Plan would reignite the economy, re-incentivize work, reduce the broad scope of dependence on government by the citizenry, provide for massive debt reduction at the family level.  And restore economic liberty in America.

The Leviticus 25 Plan.

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