Barclays Plc, a major multinational banking and financial services company headquartered in London, was a “Top 10” recipient of the U.S. Federal Reserve’s emergency lending liquidity transfusions to rescue major U.S. and foreign banks and insurers.
Excerpts from Bloomberg Nov 28, 2011:
“There was not a direct subsidy to Barclays” from governments during the financial crisis, Chief Executive Officer Robert Diamond told a U.K. House of Commons hearing in London on June 8, 2011. While the company avoided taking government capital, it was more accepting of emergency cash from the U.S. Federal Reserve. Data show that the London-based bank borrowed $64.9 billion from the Fed on Dec. 4, 2008, more than two months after it agreed to buy the North American unit of Lehman Brothers Holdings Inc. in a bankruptcy auction. The London-based bank was still borrowing more than $40 billion from the Fed as late as June 2009, nine months after the Lehman deal closed. Sarah MacDonald, a Barclays spokeswoman, declined to say whether the bank also got liquidity from the Bank of England.
Peak amount of debt on 12/4/2008: $64.9B ____________________________
Barclays and numerous other major financial institutions were financially resuscitated with hundreds of billion of dollars generously provided by the Federal Reserve subprime meltdown 2007-2010.
U.S. citizens now deserve to also be granted the same direct access to liquidity from the Federal Reserve, via a U.S. Citizens Credit Facility.
The Leviticus 25 Plan revitalizes financial stability for American families, reduces dependence on government, pays for itself over a 10-15 year period, and generates trillion dollar federal budget surpluses annually over the first five years.
The Leviticus 25 Plan 2018 – $75,000 per U.S. citizen