Federal Reserve Arab Banking Corporation | FORECLOSURE FRAUD | by DinSFLA

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GRETCHEN MORGENSON | The Bank Run We Knew So Little About

GRETCHEN MORGENSON | The Bank Run We Knew So Little About


From New York Times

That Aug. 20, Commerzbank of Germany borrowed $350 million at the Fed’s discount window. Two days later, Citigroup, JPMorgan Chase, Bank of America and the Wachovia Corporation each received $500 million. As collateral for all these loans, the banks put up a total of $213 billion in asset-backed securities, commercial loans and residential mortgages, including second liens.

Thus began the bank run that set off the financial crisis of 2008. But unlike other bank runs, this one was invisible to most Americans.

[…]


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OUTRAGEOUS | Everyone Had A Bailout But Us

OUTRAGEOUS | Everyone Had A Bailout But Us


Federal Reserve Lent To Gaddafi-Owned Bank, European Firms After Fighting Disclosure For 3 Years

From HuffPost’s Shahien Nasiripour

At a time when credit markets shunned even the most worthy borrowers, foreign banks, including one partly-owned by Muammar Gaddafi’s Libya, fled to the Federal Reserve and borrowed at rock-bottom interest rates, Fed documents released Thursday show.

During the height of the financial crisis in the fall of 2008, as investors and firms hoarded cash, the Fed reduced its rates to kickstart lending in the broader economy. Arab Banking Corp., a $28 billion lender now 59 percent-owned by Libya’s central bank, borrowed at least $3.2 billion during this time. The Fed charged it an interest rate ranging from 2.25 percent to as low as 1.25 percent on those borrowings, regular Fed data show.

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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