Wall Street Aristocracy Secretly Got $1.2 Trillion From Fed

Bloomberg by Bradley Keoun, Phil Kuntz | Aug. 22, 2011 (Special Report)

Citigroup Inc. and Bank of America Corp. were the reigning champions of finance in 2006 as home prices peaked, leading the 10 biggest US banks and brokerage firms to their best year ever with $104 billion of profits.

By 2008, the housing market's collapse forced those companies to take more than six times as much, $669 billion, in emergency loans from the US Federal Reserve. The loans dwarfed the $160 billion in public bailouts the top 10 got from ... Full Story »

Posted by Dwight Rousu

More Info

Tags Help
Subjects: World, U.S., Politics, Business, Living, Community
Topics: U.S. Economy, Money and Politics, Corporate Governance, Finance, Housing, Money, Corruption, Wealth
Member Tags: the fed
Stats Help
# Tweets: 0 (as of 2011-08-22)
Editorial Help
Posted by: Posted by Dwight Rousu - Aug 22, 2011 - 2:54 PM PDT
Reviewed by: Grego C Grego (review), Fabrice Florin (review), Priscilla L. Davis (review), Calvin Byrd (review)
Content Type: Article
Edit Lock: This story can be edited
Edited by: Fabrice Florin - Aug 23, 2011 - 3:04 PM PDT

Reviews

Show All Comments
Show All | Notes | Comments | Quotes | Links
Fabrice Florin
4.0
 by Fabrice Florin - Aug. 23, 2011

Great investigative report from Bloomberg about unprecedented lending by the Federal Reserve, peaking at $1.2 billion at the end of 2008. This in-depth article provides extensive factual evidence from multiple credible sources, along with useful context about this under-reported topic. Highly recommended.

See Full Review » (11 answers)
Grego C Grego
5.0
 by Grego C Grego - Aug. 23, 2011
See Full Review » (3 answers)
Priscilla L. Davis
4.0
 by Priscilla L. Davis - Aug. 25, 2011

This is the mother of all "entitlement programs"! These same republicans support cuts to medicare, social security, education, and scientific research. They want to eliminate Unions rights, cut education and all programs of the federal government that us for the benefit of it's citizenry. They want the government (taxpayer's money) for themselves only and without paying their fair share of the tax burden. They also are quick to ask our military to protect "American Interest" in ... More »

See Full Review » (4 answers)
Calvin Byrd
3.0
 by Calvin Byrd - Aug. 27, 2011
See Full Review » (3 answers)

Comments on this story Help (BETA)

Sort by: Oldest | Newest Hide All Replies
NT Rating | My Rating

Ratings

4.0

Good
from 4 reviews (29% confidence)
Quality
4.0
Facts
4.0
Fairness
4.0
Sourcing
4.0
Style
4.0
Context
4.0
Depth
4.0
Enterprise
4.0
Relevance
4.0
Popularity
3.9
Recommendation
4.0
Credibility
4.0
# Reviews
2.0
# Views
5.0
# Likes
1.0
# Emails
1.0
More
How our ratings work »
(See these related stories.)

Links Help

No links yet. Please review this story to add some!