Aug 22, 2011
“The U.S. Federal Reserve mounted an unprecedented campaign to head off a depression by providing as much as $1.2 trillion in public money to banks and other companies from August 2007 through April 2010. The emergency loans were intended to help recipients cope with cash shortfalls and keep credit markets from grinding to a halt. Bloomberg News sorted through more than 29,000 pages of previously secret documents and Fed spreadsheets detailing more than 21,000 loans to compile a database showing which companies got the emergency liquidity, and when.”
Bloomberg Aug 22, 2011 – The #8 Recipient:
“JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon has touted a “fortress balance sheet” that helped his bank survive the crisis better than rivals. “The markets were always open to us,” Dimon wrote in a letter to shareholders in March 2010.
Data show the New York-based bank got Federal Reserve liquidity after its March 2008 acquisition of Bear Stearns Cos. and in early 2009 as debt markets froze. In February and March 2009, JPMorgan borrowed $48 billion from the Fed’s Term Auction Facility, as executives said liquidity was “strong.” In the March 2010 letter, Dimon said JPMorgan loaned as much as $70 billion to other banks after Lehman Brother’s failure and bought “a net $250 billion of securities” to help facilitate market liquidity. The Fed loans became public in late 2010.”
Peak amount of debt on 10/1/2008: $68.6 billion
Wall Street’s financial institutions engaged in high-risk gambling with their leveraged speculation strategies during 2004-2007. They rolled the dice and lost big.
The U.S. Federal Reserve the ran to the rescue with a massive ‘public money’ bailout scheme – to help the Wall Street’s financial behemoths regain their ‘financial health.’
It is now time to grant U.S. citizens the same direct access to liquidity that was provided to the likes of JP Morgan, Goldman Sachs, State Street, Citigroup, Bank of America, Morgan Stanley… and dozens of others.
It is time to level the playing field, and here is the only economic acceleration plan anywhere that can make it happen:
The Leviticus 25 Plan 2018 – $75,000 per U.S. citizen