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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