A look back…
Bloomberg Nov 28, 2011 – Excerpts:
As the U.K.’s biggest mortgage lender, Edinburgh-based HBOS Plc faced mounting losses in September 2008 on subprime home loans to people with poor credit histories, as well as on so-called Alt-A loans, which didn’t require borrowers to provide proof of income.
On Sept. 18, London-based Lloyds TSB Group Plc agreed to buy HBOS, and the U.K. government later injected 17 billion pounds ($27 billion) of capital into Lloyds to assure the deal closed.
The Federal Reserve helped, too. HBOS borrowed as much as $18 billion from the U.S. central bank in November 2008. Lloyds completed the takeover in January 2009 and kept using HBOS as a conduit to borrow from the Fed through February 2010.
Peak amount of debt on 11/20/2008: $18B
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Note: Lloyds Banking Group, Plc was later named as one of the banks involved in defrauding U.S. citizens and municipalities via LIBOR rate manipulation.
LIBOR rate-rigging defrauded U.S. mortgage holders via ARMs resets. It also burned municipalities across the U.S. billions out of dollars in municipal bond costs by artificially ‘tilting’ rates against the interest rate swaps that had been purchased by municipalities, such as Baltimore, to hedge the bonds. And it adversely affected the value of ‘swap lines’ that were held by several dozen U.S. banks.
Reuters reported on March 14, 2014 that the FDIC was suing 16 banks that it believed were involved in LIBOR rate-rigging: “The banks named as defendants include Bank of America Corp, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, HSBC Holdings PLC, JPMorgan Chase & Co, and Royal Bank of Scotland Group PLC.”
“Other defendants in the lawsuit included Rabobank, Lloyds Banking Group plc, Societe Generale, Norinchukin Bank, Royal Bank of Canada, Bank of Tokyo-Mitsubishi UFJ and WestLB AG.” Barclays and UBS had already settled.
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Note: all of the named banks had received billions of dollars, during the height of the financial crisis, from the Fed’s “secret liquidity lifelines.”
Citigroup, peak amount received from Fed: $99.5B
Bank of America: $91.4B
RBS: $84.5B
Barclays $64.9B
The most recent bank to be implicated, and fined: Lloyd’s Banking Group, Plc, peak amount received from Fed during the financial crisis: $505M
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The very banks that received billions of dollars in bailout funds from the U.S. Federal Reserve were defrauding American families, state municipalities, and other U.S. financial institutions.
American families deserve nothing less than the same direct access to liquidity that these banks received, from various Federal Reserve credit facilities, and ultimately, U.S. taxpayers, during the great financial crisis.
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