IT’S THEIR CASINO
The people suffer while the 1% laugh at us.
Federal Reserve Board Gave Their Own Banks $4 Trillion in Bailouts
It seems like we’re all just “NUMB” to all of this by now. This article which was posted today at allgov.com confirms how the 99% have been fleeced over the past few years. Homeowners all over the country losing their homes while the “few” enrich themselves at the people’s expense.
June 14, 2012
Following the 2008 financial crisis, the Federal Reserve provided more than $4 trillion in near zero-interest loans and other help to banks and businesses whose executives also served as directors for the national bank.
At least 18 current and former Fed regional bank directors had a direct stake in the trillion-dollar bailout given to teetering institutions, according to a report produced by the Government Accountability Office, but released by Senator Bernie Sanders (I-Vermont).
“This report reveals the inherent conflicts of interest that exist at the Federal Reserve,” Sanders said in a prepared statement. “At a time when small businesses could not get affordable loans to create jobs, the Fed was providing trillions in secret loans to some of the largest banks and corporations in America that were well represented on the boards of the Federal Reserve Banks.”
CLICK THIS LINK TO READ THE WHOLE ARTICLE
And then there is this headline in today’s financial news from Reuters;
Foreclosures up for first time in 27 months.
By Anna Louie Sussman
NEW YORK | Thu Jun 14, 2012 7:56am EDT
NEW YORK (Reuters) – Foreclosure starts rose year-over-year in May for the first time in more than two years as banks resumed dealing with distressed properties after a mortgage abuse settlement earlier this year, data firm RealtyTrac said on Thursday.
The $25 billion settlement between major banks and states, formally approved in April, had been expected to jump-start foreclosure proceedings that were previously stalled by uncertainty about the liability of banks.
I ask you when is Enough, Enough?