Bloomberg Uncovers the Fed’s Secret Liquidity Lifelines | Bloomberg LP
Aug 22, 2011 – Excerpt:
“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.”
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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
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Wall Street’s financial institutions engaged in a high-risk leveraged speculation gambling spree during 2004-2007 – precipitating the Great Financial Crisis which directly followed.
The U.S. Federal Reserve quietly marched in and orchestrated a massive ‘public money’ bailout scheme – to literally rescue major U.S. and foreign financial behemoths and put them back on the road to ‘financial health.’
It is now time to put Main Street America back on the road to ‘financial health’ by granting U.S. citizens access to the same direct liquidity extensions that were so generously provided to Wall Street titans like JPMorgan, Goldman Sachs, State Street, Citigroup, Bank of America, Morgan Stanley, State Street, Deutsche Bank, Barclays, UBS … and dozens of others.
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