The Federal Reserve pumped 7.77 Trillion into the US Money markets between 2008 and 2010.
Of that the private banks turned some 13 Billion in net profit on concessionary loans. This is really small potatoes, but 13 Billion went to the pockets of the very people who make up the 1 percent while the 99 percent watched their tax dollars fund it.
The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing.
The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue.