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Free Download: "$29,000,000,000,000: A Detailed Look at the Fed’s Bailout by Funding Facility and Recipient" by James Felkerson
Monday, December 16, 2019 12:57
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“$29,000,000,000,000: A Detailed Look at the Fed’s
Bailout by Funding Facility and Recipient”
by James Felkerson
“In the leadup to the financial collapse on Wall Street in September 2008, the Fed created in March of that year a lending program very similar to what it is doing today. It called it the Single Tranche Open Market Operation (ST OMO) and attempted to pass it off as part of its routine open market operations. But when the Levy Economics Institute took a hard look at where the ST OMO money went, it found that “77 percent ($657.91 billion) of all transactions were conducted with foreign-based institutions.” The largest of those were Credit Suisse of Switzerland which received 30.3 percent of the funds; Germany’s Deutsche Bank, which borrowed 11.8 percent of the money; and France’s BNP Paribas, which took down 11.3 percent of the funds borrowed.
According to data compiled by the Levy Economics Institute, the Fed’s bailout of Wall Street during the financial crisis amounted to a staggering $29 trillion (including the central bank liquidity swap lines, CBLS) – a sum that neither the American people nor Congress would learn about until years after the loans had been made and a multi-year court battle by the Fed to suppress the information had been won by media outlets.
The largest amounts of the $29 trillion did not go to commercial banks to shore up the U.S. economy through consumer loan relief or business loans. It went to three of the largest trading houses on Wall Street. Citigroup received $2.65 trillion; Merrill Lynch received $2.43 trillion; and Morgan Stanley received $2.27 trillion. (See page 33 at this link.) The fourth largest was not even a bank or Wall Street firm. It was AIG, a large insurance company that Wall Street’s trading houses had buried as the counterparty to their derivative bets. AIG got a cool $1 trillion in loans from the Fed.”
