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Fed wants their money back?
Posted: Mar 31, 2011
By LIZ MOYER And DAVID BENOIT from WSJ online.
One of the biggest secrets of the financial crisis was disclosed Thursday when the Federal Reserve released thousands of pages of data showing heavy discount-window borrowing by foreign banks, regional U.S. banks and institutions fighting for survival.
It was the first time the Fed has given details about banks that borrowed from the central bank's oldest emergency-lending facility. Thursday's move was forced by lawsuits filed by Bloomberg LP's Bloomberg News and News Corp.'s Fox Business Network, and last year's Dodd-Frank law requires the Fed to disclose future borrowings after a two-year lag. Details of other rescue programs by the Fed were made public in December.
One of the biggest surprises was multiple loans to a bank owned by the Central Bank of Libya. Arab Banking Corp., of Bahrain, got a $100 million, monthlong loan in September 2008 and borrowings in the hundreds of millions of dollars throughout 2009.
The bank also borrowed $1.2 billion in July 2009 and $1 billion in January 2010. In December, Libya's Central Bank increased its interest in ABC to more than 59% from its previous stake of about 30%.
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The "FED" is NOT FEDERAL!!! - BusyBee
[ In Reply To ..]The "Federal" Reserve is a PRIVATE CORPORATION. It is not "federal" because it is NOT part of the government. That is why for many years the Federal Reserve was not listed in the government pages in your local phone book but rather the white, business pages.
The INTERNAL REVENUE SERVICE (IRS) is the ENFORCEMENT ARM of the Federal Reserve. Its role is to make sure that the INTERNATIONAL BANKSTERS (private, not government) get their cut of your money.
If you don't believe me, Google it. This stuff is well documented, has been known by those in the know for many years, and in fact has come out in several court cases.
THE TRUTH SHALL SET YOU FREE!
Yes, indeed, let the truth set us free... - The "Fed" is NOT federal, BUT...
[ In Reply To ..]we the people are now helping fund it.
See link.
...and THE TRUTH SHALL SET YOU FREE.
And "Fed" wasn't mean to imply - Fed Govt.
[ In Reply To ..]which one would understand by reading the excerpt. And, yes, as next poster accurately stated, we are funding the Fed. Reserve.
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