Friday, December 03, 2010

Senator Bernie Sanders Uncovers a Previously Unadmitted Loan of Taxpayer Money to the Big Banks

Blogger's Note: This stunning announcement by Sen. Bernie Sanders (Vermont) arrived by e-mail yesterday.

December 2, 2010

A Jaw Dropper

Forced to come clean by a Sanders amendment to the Wall Street reform law, the Federal Reserve detailed $3.3 trillion in emergency loans and other financial assistance to banks and big businesses during the financial crisis. As The Wall Street Journal put it, "the white-haired Vermont independent led a fight against the Federal Reserve and won." Wall Street bankers and big corporations, like GE and Toyota, tapped into the once-secret source of fat-cat cash from the Fed. Bernie's amendment also ordered the Government Accountability Office to conduct a top-to-bottom audit of the central bank.

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