The Fed Does It Again: $80 Billion Secretive "Bank Subsidy" Program Uncovered, Providing Bank Loans At 0.01% Interest

Tyler Durden's picture

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HamyWanger's picture

The Pigmen will always bend the rules and screw the little guy.

Learn it, love it, trade it. 

augie's picture

THE BUMS WILL ALWAYS LOSE!

GolfHatesMe's picture

Fuck it, tatoo it on your forehead, Lebowski.

unwashedmass's picture

Lloyd lied....outright, blatantly, bold-faced lied to Congress.

Not that it matters for someone like him.

Harlequin001's picture

Where are the whistle blowers?

Slash's picture

wouldn't this be in the time frame when the squid wanted to go private?

 

perhaps with free money from their privately owned central bank?

 

http://www.businessinsider.com/2008/11/could-goldman-sachs-gs-go-private-

 

 

JW n FL's picture
by Harlequin001
on Thu, 05/26/2011 - 09:07
#1312713

 

Where are the whistle blowers?

*****************************************************************

 

Secret Hold On Whistleblower Protection Narrowed Down To Two Senators http://goo.gl/INklc

 

 

UBS Whistle Blower in Jail for helping the IRS with over 2,000 Tax Dodgers! http://goo.gl/s8JYp  

 

'Austrian tax evasion whistleblower' dies in Swiss jail http://goo.gl/w3bqP

 

Swiss tax whistleblower to give WikiLeaks new data & in Jail for it http://goo.gl/KiQhV  

 

No Bankers in Jail, No Tax Dodgers in Jail and Wall Street is Leveraged MORE than before! Tell the Truth? Go To Jail!

 

http://www.banktech.com/articles/229700093?cid=nl_bnk_daily

Top U.S. Lobbying Banks Got Biggest Bailouts

 

RockyRacoon's picture

Would that total be 2, 3, or 6?

LawsofPhysics's picture

Love it.  "where is the fucking money Labowski?"

Long brass, lead, and gunpowder for sure.

plocequ1's picture

Exactly. Fuck it. Life is short. Live your life, Worship God, Love people and BTFD.

writingsonthewall's picture

"no revenue will be left to pay for other government spending, including constitutional functions such as defense."

...and you think that's a bad thing?

 

Oh dear, some people never learn - stil prefer to invest in bombs, weapons and destruction than ensuring your fellow man is fit and able to work.

You are destined to a life of disappointment I'm afraid - the word 'entitlements' is there for a reason - people are 'entitled' to receive their surplus labour value back in the form of medicare and other benefits - as opposed to handing it to the wealthiest in society as tax cuts (or in this case sheer subsidy)

Is it you feel that people who work for a living are not entitled to benefits - but those who gamble are?

writingsonthewall's picture

You won't solve the problem by ignoring it - that has been the lesson until now.

Thisson's picture

Those entitlements are theft, plain and simple.

The people drawing them didn't contribute the fair value of what they take in return.  Instead, they loot MY paycheck, making it harder for me to provide for my own loved ones.  I wish we would just cut social security and medicaid off completely so the leaches would die.

Robslob's picture

SCOTUS found in contempt of the American People....GUILTY!

unununium's picture

Huh?

"The release was mandated after the U.S. Supreme Court rejected an industry group’s attempt to block it"

unwashedmass's picture

 

yeah, i know. i was surprised too. do the supremes want more cash under the table?

the not so mighty maximiza's picture

The Federal Reserve act did not cover this.   

oogs66's picture

Now Goldman can plead, we didn't borrow at the Fed Window, we borrowed from the Fed at their super secret save the banks lending program.  You should have asked about that program and of course we would have said they borrowed there. 

unununium's picture

Problem is, they did both. Bzzzzzz. Thanks for playing.

Urban Redneck's picture

That's why bankers never testify without any army of lawyers sitting behind them.

RockyRacoon's picture

Now Goldman can plead, we didn't borrow at the Fed Window...

That's one broken window even Bastiat could love.

youngman's picture

Its amazing...it is us vs them....and them are winning..and laughing....what a joke....some of the quotes make me want to puke....

augie's picture

"The records don’t provide exact loan amounts for each bank. Smith, the New York Fed spokesman, would not disclose those details. Amounts cited in this article are estimates based on the graphs"

hugovanderbubble's picture

Awesome how in the US no Demos against banksters:¡

doomandbloom's picture

The idiots at Stone(d) Street...will probably come out with a justification..

Troy Ounce's picture

 

Got also pretty upset by the entitlement thinking of these money nerds

emsolý's picture

Isn't that what the consumer gets at BestBuy, GM etc? 0% financing for a little while...

augie's picture

So if i pray to this St. Omo guy do i get a bailout?

hedgeless_horseman's picture

You will need to fill out a pledge card.

10% is the recommended tithe.

They will be watching when the collection plate passes through your pew.

Quinvarius's picture

I am sure none of these programs ever ended.  The may have changed names or become an insiders secret society Sams Club of money.  But, the spice must flow.

cowdiddly's picture

I thought it was Ice-nine, if you are refering to that stuff that freezes all the water on the planet so that Marines don't have to wade in mud.

Tyler Durden's picture

You are correct. And it is an inversion inside joke.

jkruffin's picture

Too bad all our prosecutors suck ass, or we could rid ourselves of Goldman once and for all, and Benny Boy.  But alas, they are are paid off and playing gold everyday with taxpayer funds.

Anonymouse's picture

According to my senator, 1) the Fed already is thoroughly audited, 2) more audits would mean political interference and would "disrupt financial markets", and 3) she already supported more audits.  She actually managed to speak out of all 3 sides of her mouth at once.

Dear Friend,

Thank you for contacting me regarding an audit of the Federal Reserve. I appreciate hearing your thoughts on this important issue. I apologize for my delayed response.

The Federal Reserve does currently undergo what would be considered a standard audit -- an examination of accounts and records. Furthermore, Congress already reviews semi-annual reports on monetary policy submitted by the Federal Reserve Board of Governors, as required under the Full Employment and Balanced Growth Act (PL 95-523). Under the Federal Banking Agency Audit Act (PL 95-320), the Government Accountability Office (GAO) has the authority to conduct financial and performance audits of the Board of Governors and the Federal Reserve banks and branches. However, such audits are limited, as the law stipulates that monetary policy operations, foreign transactions, and Federal Open Market Committee operations are excluded from the scope of the GAO audits.

An audit of the Federal Reserve System is an issue that has been debated several times since I began serving in the United States Senate, most recently during the 111th Congress when the U.S. Senate addressed financial regulatory reform. All Federal Reserve audit legislation proposed in the 111th Congress called for increased oversight by the Government Accountability Office (GAO) into business conducted by the Federal Reserve.

On January 26, 2011, the Federal Reserve Transparency Act of 2011 (S. 202/H.R. 459) was introduced in the Senate and referred to the Committee on Banking, Housing and Urban Affairs. The bill instructs the Comptroller General of the United States to conduct an audit of the Federal Reserve System's Board of Governors and also the Federal Reserve banks before 2013.

The formulation of monetary policy is a decision-making process that involves information gathering from a host of foreign governments and central banks. The information provided from those exchanges is critical and extremely sensitive. The immediate and broad disclosure that the Federal Reserve Transparency Act of 2011 requires could disrupt financial markets and jeopardize our country's international finance relationships. Ultimately, it would be taxpayers who would bear the brunt of any losses resulting from policies caused by untimely disclosure of sensitive information. Because of this, I do not believe the benefits of legislation like the Federal Reserve Transparency Act of 2011 outweigh the costs.

When Congress passed the Federal Banking Agency Audit Act in 1978, the legislation attempted to balance the need for public accountability of the Federal Reserve with the need to insulate the Fed's monetary policy function from political pressures. I believe this balance must be maintained going forward. For that reason, I twice supported amendments during the 111th Congress that would have required one-time audits of the Federal Reserve System's actions in response to the financial crisis. Both amendments struck a balance between accountability to the American taxpayer and the denial of political pressure and influence on the Federal Reserve System. The result would have been increased insight and reassurance for the American people that the Federal Reserve is working in the best interest of taxpayers to strengthen and protect our financial system.

Again, thank you for contacting my office. It is truly an honor to represent North Carolina in the United States Senate, and I hope you will not hesitate to contact me in the future should you have any further questions or concerns.

Sincerely,

Kay R. Hagan

Medea's picture

Don't waste your time with elected officials. They are nothing more than the facade of the establishment.

unununium's picture

Does that include Alan Grayson, Marci Kaptur, and Ron Paul?

Phil Dupterjaw's picture

Alan Grayson is no longer an "elected offical."

Zedge Hero's picture

There is a Senator out there who is for media freedom, acknowledges Global Warming, against our trade policies with China, against the Iraq War from the begining, and introduced a bill to audit the federal reserve.  Bernie Sanders for President right?  http://www.sandersforpresident.org/ 

Nope he's not running and if I ever told you as a hard core Republican that I would vote for a Jewish Socialist i would have laughed at you.  Then again 3 years ago if you were to tell me that I would have a 2 acre garden, a safe with silver, gold, and lead along with an array guns preparing for dieoff I would have told you your crazy and I am no damn tinfoil nut.  Things change quickly when you educate yourself outside the MSM alphabet networks.  Sometimes I feel so fucking stupid for the old wants and failing to realize my future needs.   Better late than never.  Good Luck!

augie's picture

 "It would be ultimately the tax payer who would bear the brunt of any lossess resulting from polices caused by untimely disclosure of sensitive information."

I love how people still believe America is a free society.

stormsailor's picture

perhaps you should create her a forth side of her mouth from which to speak.

earnyermoney's picture

Kay Hagan is a Wall Street ho. She's got the back of her former colleagues at BAC. Have to wait 2 more years to vote this fascist shill out of office.

emsolý's picture

Remember, Goldman Sachs became a bank holding only end of Sep '08!

So they had some catching up to do in December...

 

HamyWanger's picture

As me, Leo Kolivakis and Robot always repeated, nothing will ever change. 

The American public doesn't care. Deal with it.