Wall Street Banks Earned Billions Off $7.7 Trillion in Secret Fed Loans Made During the Financial Crisis | AlterNet

In the lead-up to the financial crisis that crippled the American economy and plunged the country into a recession, the Federal Reserve made trillions in undisclosed loans to struggling banks and financial institutions, according to official documents obtained by Bloomberg News. Six of the country's largest banks then turned those loans into more than $13 billion in previously undisclosed profits.The total cost of the Fed loans amounted to $7.77 trillion, and unlike the funds made available by the Troubled Asset Relief Program TARP, the loans came with virtually no strings attached for the banks.

via Wall Street Banks Earned Billions Off $7.7 Trillion in Secret Fed Loans Made During the Financial Crisis | AlterNet.

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  • Tom Usher

    About Tom Usher

    Employment: 2008 - present, website developer and writer. 2015 - present, insurance broker. Education: Arizona State University, Bachelor of Science in Political Science. City University of Seattle, graduate studies in Public Administration. Volunteerism: 2007 - present, president of the Real Liberal Christian Church and Christian Commons Project.
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