Tuesday, November 29, 2011

29,000 Pages That Will Change America

The Bailout numbers are troubling, but the secrecy and lack of accountability of the central bank (Fed) has ruined all TRUST.

from today's Bloomberg News service: click to read :Secret Fed Loans Gave Banks $13 Billion

"Bloomberg LP, the parent of Bloomberg News, won a court case against the Fed and a group of the biggest U.S. banks called Clearing House Association LLC to force lending details into the open."

"The banks spent $146.3 billion on compensation in 2010..... "

"...the Fed had committed $7.77 trillion as of March 2009 to rescuing the financial system"

" On Nov. 26, 2008, then- Bank of America Corp. Chief Executive Officer Kenneth D. Lewis wrote to shareholders that he headed “one of the strongest and most stable major banks in the world.” He didn’t say that his Charlotte, North Carolina-based firm owed the central bank $86 billion that day."

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