Federal Reserve Directors’ Banks and Businesses Took $4 Trillion in Bailouts

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CGI's Billsbest: Federal Reserve Directors’ Banks and Businesses Took $4 Trillion in Bailouts

Posted By: CGI_admin
Date: Thursday, 14-Jun-2012 09:49:27

Posted on June 13, 2012 by Admin Common Dreams A report released today by US Senator Bernie Sanders (I-Vt.) has revealed the names of 18 former and current directors from Federal Reserve Banks who directly benefited from financial bailouts after the 2008 crisis. The Reserve directors worked in banks and corporations that collectively received over $4 trillion in bailout money allocated by the Federal Reserve. Jamie Dimon, chairman and chief executive of JP Morgan Chase, and and other Fed board members’ benefited from Fed actions. (Reuters/Keith Bedford)Essentially, action taken by the Federal Reserve overwhelmingly benefited directors of the Federal Reserve, above other beneficiaries. The report titled Jamie Dimon Is Not Alone names the top 18 Reserve directors including Jamie Dimon who received the largest Federal Reserve loans and other financial assistance during the crisis. “This report reveals the inherent conflicts of interest that exist at the Federal Reserve. At a time when small businesses could not get affordable loans to create jobs, the Fed was providing trillions in secret loans to some of the largest banks and corporations in America that were well represented on the boards of the Federal Reserve Banks. These conflicts must end,” Sanders said. To read the report click here (pdf). * * * Senator Bernie Sanders: Fed Board Member Conflicts Detailed by GAO: Banks and Businesses More than $4 trillion in near zero-interest Federal Reserve loans and other financial assistance went to the banks and businesses of at least 18 current and former Federal Reserve regional bank directors in the aftermath of the 2008 financial collapse, according to Government Accountability Office records made public for the first time today by Sen. Bernie Sanders. On the eve of Senate testimony by JPMorgan Chase CEO Jamie Dimon, Sanders (I-Vt.) released the detailed findings on Dimon and other Fed board members whose banks and businesses benefited from Fed actions. A Sanders provision in the Dodd-Frank Wall Street Reform Act required the Government Accountability Office to investigate potential conflicts of interest. The Oct. 19, 2011 report by the non-partisan investigative arm of Congress laid out the findings, but did not name names. Sanders today released the names. Finish reading: Federal Reserve Directors’ Banks and Businesses Took $4 Trillion in Bailouts http://chasvoice.blogspot.com/2012/06/federal-reserve-directors-banks-and.html