The Federal Reserves Gift List: Who got what?

It wasn’t that long ago the world’s media headlines were screaming with news of the first ever audit of the Federal Reserve.

 

Whilst Bernanke squealed like a pig, the likes of Ron Paul and Alan Grayson attacked like a pack of rabid dogs with the scent of blood in their flared nostrils.

 

It was drama of the highest order; a crescendo of hyperbole and rhetoric, bluff, bluster and a pissing competition like one not seen before.

Then, like an over promoted prize fight between two heavyweights, with one over the hill, over hyped, under conditioned fighter diving to the canvas in the first round, the results of the much awaited audit slipped out with not as much as a whisper of a butterfly’s wings, alighting gently on the pages and screens of the world’s media, and seldom reaching the ears of the public, the kept-in-the-dark underwriters of the Fed’s activities.

 

Without resorting to your search engine of choice, how many of you can recall the result of that audit? Give or take a couple of billion …

Can you remember the announced result of the GAO report in July? Let me refresh your memory; USD$ 16 Trillion.

Yes; that is a ‘T’ for trillion.

“As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world”

“This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.”

Sen. Bernie Sanders (I-VT)

 

What about the specifics?

Take a deep breath, relax, and smile …

 

The list of institutions that received the most money from the Federal Reserve can be found on page 131 of the GAO Audit and are as follows:

Citigroup: $2.5 trillion($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion* ($868,000,000,000)
Bear Sterns: $853 billion ($853,000,000,000)
Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)

 

According to Forbes;

A wider investigation of the Fed is due on October 18th, which will provide more thorough details. The GAO report said that the Fed issued “conflict of interest waivers to employees and private contractors so they could keep investments in the same financial institutions and corporations that were given emergency loans.” The audit will inspect the “conflicts of interest” and the inner-workings of the Fed’s emergency-lending programs.

 

Now, just to put this into perspective, if the Fed’s $16,000,000,000,000 was stacked in $1 Bills, it would be 1,625,600 kilometres high, or 1,010,101 miles.

Yep … you read that correctly. The Federal Reserve has provided assistance to banks and corporations to the tune of a stack of dollar notes ONE MILLION MILES HIGH.

That’s approximately two return trips to the moon [and some to spare], which given these pie-in-the-sky, astronomically ludicrous numbers, seems the most apt description to give.

After putting up those kinds of numbers, Helicopter Ben must be in line for a promotion; to Astronaut Bernanke.

 

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: