A look back…
Bloomberg Nov 11, 2011:
“Royal Bank of Scotland Group Plc, whose 45.5 billion-pound ($74 billion) emergency capital injection from U.K. taxpayers was the world’s biggest announced bank bailout, also got more secret loans from the U.S. Federal Reserve than any other foreign bank. On Oct. 10, 2008, as the bank’s stock price plunged 21 percent in a single day, the Edinburgh-based RBS was borrowing $62.5 billion from the Fed through its U.S. broker-dealer, $11.5 billion through its New York branch, $10 billion through its RBS Citizens NA bank and $500 million through Citizens Bank of Pennsylvania. The Fed aid exceeded even the 36.6 billion pounds of emergency liquidity the Bank of England supplied in secret to RBS in October 2008. The BOE disclosed the aid package in November 2009, more than a year before the Fed aid was revealed.”
RBS’ secret liquidity line from the Fed served up a “peak amount of debt” totaling $84.5 billion on 10/10/2008.
ZeroHedge Feb 6, 2013 – Excerpts:
RBS also happened to be one of a suspected dozen or so major banking interests involved in the big Libor ‘interest rate fixing” scandal – which bilked “U.S. states, counties, and local governments” to the tune of “at least $6 billion in fraudulent interest payments, above [and beyond the] $4 billion that state and local governments have already had to spend to unwind their positions exposed to rate manipulation,” according to Bloomberg (10 Oct 2012).
All of this leads naturally to the question: How can the Federal Reserve and the U.S. Treasury justify the transfusion of massive liquidity streams into the veins of major banks like Morgan Stanley, Citigroup, Bank of America, and subsidiaries of major foreign banks like RBS….and at the same time deny equal access to credit by American families?
How can the Federal Reserve deny access to liquidity by American families who have not broken any laws, while continuing to support the likes of RBS – who blatantly manipulated Libor rates, to the detriment of states, counties, and local governments…?
It’s time to level the playing field with the most powerful debt-eliminating economic acceleration plan in the world.
The Leviticus 25 Plan 2018 – $75,000 per U.S. citizen