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Fed Showered Money On Foreign Banks 01 April 2011

Complying with a court order, the Federal Reserve began releasing documents on March 31 related to one of its bailout and wealth-transfer schemes during the financial crisis. And it turns out that among the biggest beneficiaries were foreign firms, including a bank owned by Libyan dictator Moammar Gadhafi's central bank.

Some of the foreign banks that were bailed out through the discount window — sometimes to the tune of tens or even hundreds of billions of dollars — include Bank of China, Société Générale of France, Royal Bank of Scotland, Dexia, Erste Group, Arab Banking Corp., Commerzbank, Depfa, Landesbank Baden-Württemberg, Norinchukin Bank, and many more. Countless American banks such as Bank of New York and Morgan Stanley gobbled up bailout money too.

"We are finding [that] pretty much every bank borrowed from the discount window," said a reporter for Fox Business right after receiving the more than 25,000 pages of documents from the Fed. The discount window is a central-bank facility used by commercial banks to borrow money when they can't find it on the open market.

But critics immediately lambasted the central bank's activities. Long-time Fed foe Rep. Ron Paul (R-Texas), for example, the chairman of the House subcommittee that deals with the central bank, blasted the new revelations in a TV interview.

"The American people are going to be outraged when they understand what has been going on," charged Rep. Paul, a fierce critic of the bailouts, the secrecy, and even the Fed itself, which he hopes to abolish eventually. "What in the world are we doing thinking we can pass out tens of billions of dollars to banks that are overseas? We have problems here at home with people not being able to pay their mortgages, and they're losing their homes."

Following years of litigation over the documents, Fox News and Bloomberg were finally vindicated on March 21 when the Supreme Court refused to hear an appeal of lower-court rulings ordering the Fed to disclose the bailout information. The central bank had argued in federal court, among other things, that it was a private corporation not subject to Freedom of Information Act (FOIA) laws and that releasing the documents would hurt the bailed-out institutions.

"The [New York Fed] is not an establishment of the executive branch because it is a corporation whose stock is privately held," explained a brief filed by the Fed's Board of Governors in the case. The document also noted that the institution "is overseen by a board of directors the majority of whom are privately appointed" and that "none of the stock of the [New York Fed] is government-owned." Multiple federal judges, however, still said the documents had to be disclosed.

According to news reports about the newly released bailout details, at the peak of Fed discount-window bailouts on October 29, 2008, more than $110 billion was shoveled at banks in a single day. Almost half of that went to just two European banks.

Three-fourths of the 12 largest recipients of Fed largesse that day were foreign companies — one of which, Arab Banking Corp., is now majority owned by the Central Bank of Libya. At the time, the Libyan dictatorship owned almost a third of the company.

But lawmakers have already blasted the Libyan dictator's bank bailout, too. "It is incomprehensible to me that while creditworthy small businesses in Vermont and throughout the country could not receive affordable loans, the Federal Reserve was providing tens of billions of dollars in credit to a bank that is substantially owned by the Central Bank of Libya," said Senator Bernie Sanders (I-Vt.), a nominal Fed critic who was nonetheless responsible last year for watering down the Audit the Fed bill of Rep. Ron Paul (R-Texas).

In another twist highlighted by the statement from Sen. Sanders' office, it turns out that the Libyan-owned bank was using U.S. Treasury securities as collateral for the low-interest loans from the Fed — effectively borrowing money for virtually no interest from the central bank, then loaning it to the U.S. government for a big profit at taxpayer expense.

Of course, countless banks were using that same strategy to rip off taxpayers, as reported by The New American last year in a piece exposing the central bank's manipulation of markets. But the Arab bank was unique in that it was partly owned by the Libyan dictatorship — a regime supposedly under strict U.S. economic sanctions.
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[MatthewDZak]

@Downfurlife

Vote for Ron Paul.

[2wheels88]

We need to get back to the gold standard and drop this fiat currency.Congress is meant to issue currency not the privately owned Fed!!! A vote for Ron Paul would see this happen it is literally a vote for American freedom.Anyone that is not sure how to vote look into Dr.Paul's voting record and his long career in politics and you'll find an honest man that does'nt vote for popularity,he votes according to the constitution.As a dr. he brought lives into the world as a Pres he'll save soldiers!!!

[Scorpion781000]

Americans ! First Destroy Federal Reserv System,,2.nd Hang whole Wall Streeters.

[s2jcsile]

to add more zeros to your bank account just like that.... well that's pretty neat! I wanna do it too :)

[nicholz12]

interesting read... The creature from Jekyll Island...

The Federal Reserve is a RIP OFF. The Federal Reserve prints monopoly money.

The dollar is worthless.

[Downfurlife]

So what do I do? What do we do?

[napalmvoododaddy]

old hickory said we could take um by surprise. but we couldn't fire our muskets till we looked um in the eyes. so we held our fire till we seen their faces well. then we opened up our squirrel guns and really gave um hell !!!! jackson killed the banks. and now it's our turn !!!

[jebarth3]

Wow -- Shepard Smith surprised me here. Almost surreal to watch.