Dresdner Bank AG ‘under water’ in subprime debt – Fed to the rescue…

 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, precipitating the financial crisis in the process – and U.S. taxpayers bailed them out.

The Leviticus 25 Plan provides the mechanism for a Citizens Credit Facility – to grant the same direct access to liquidity extensions that the Fed provided to scores of domestic and foreign financial institutions during the great financial crisis of 2007-2010.

The Leviticus 25 Plan will reignite the economy, re-incentivize work, reduce the heavy and unhealthy load dependence on government by the citizenry, provide for massive debt reduction at the family level, $583 billion annual Federal budget surpluses (2023-2027). And restore economic liberty in America.

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$90,000 per U.S. citizen – Leviticus 25 Plan 2023 (3972 downloads)