Fed members gave their own banks $4 trillion during bailout

June 20, 2012 by legitgov

Fed members gave their own banks $4 trillion during bailout 15 Jun 2012 A report released by the US Government Accountability Office explains how the Federal Reserve divvied up more than $4 trillion in low-interest loans after the fiscal crisis of 2008. When the Federal Reserve looked toward bailing out some of the biggest banks in the country, more than one dozen of the financial institutions that benefited from the Fed's 'Hail Mary' were members of the central bank's own board, reports the GAO. At least 18 current and former directors of the Fed's regional branches saw to it that their own banks were awarded loans with often next-to-no interest by the country's central bank during the height of the financial crisis.