Patrick's Rants


Banks Benefited from Secret Fed Loans

Filed under: Money,Politics — site admin @ 7:01 am

You have probably already heard about the previously secret loans the Federal Reserve Bank made to prop up the nation’s largest banks – so they could show a strong balance sheet and qualify for the bank bailout, TARP. Bloomberg News gives a pretty lengthy look at these secret loans. These very same banks, propped up by the Federal Government (which is you and me) continued to foreclose on delinquent borrowers, made record massive profits off the extremely cheap money, gave oversized bonuses to employees, and ultimately tried to charge $5/month to use your debit card.

Remind me again why regulation designed to reduce risk, limit institution size and limit (or at least expose) fees on customers is bad?

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