Former Federal Reserve Chairman Paul Volcker gets confronted on $16 trilllion Fed bailouts

It should be no secret now that the Federal Reserve issued $16 trillion worth of bailouts domestic and international financial institutions, although the federal government and the central bank like to have the American people believe it was just $787 billion as part of the Troubled Asset Relief Program (TARP).

The full Government Accountability Office (GAO) can be read here and a list of the banks that received bailouts, which can be found at the bottom of this post.

Former Federal Reserve Chairman Paul Volcker, who served as the Chairperson of the President’s Economic Recovery Advisory Board from 2009 to 2011, was confronted by We Are Change.  Unfortunately, Volcker just evaded the question and tried his best to ignore independent journalist Luke Rudkowski.

If you’re interested in more about Volcker and his time at the Fed, be sure to check out the book “Secrets of the Temple” by William Greider.

Enjoy the video.

Citigroup: $2.513 trillion

Morgan Stanley: $2.041 trillion

Merrill Lynch: $1.949 trillion

Bank of America: $1.344 trillion

Barclays PLC: $868 billion

Bear Sterns: $853 billion

Goldman Sachs: $814 billion

Royal Bank of Scotland: $541 billion

JP Morgan Chase: $391 billion

Deutsche Bank: $354 billion

UBS: $287 billion

Credit Suisse: $262 billion

Lehman Brothers: $183 billion

Bank of Scotland: $181 billion

BNP Paribas: $175 billion

Wells Fargo: $159 billion

Dexia: $159 billion

Wachovia: $142 billion

Dresdner Bank: $135 billion

Societe Generale: $124 billion

“All Other Borrowers”: $2.639 trillion

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