U.S. Gave Tens of Billions to Libor-Manipulating Banks … Even After Learning about the Manipulation

Posted on July 11, 2012 by WashingtonsBlog 

Federal Reserve REWARDS Fraud By Throwing Money At Criminal Manipulators

You know that Libor is the largest economic scam in world history and the largest insider trading scandal ever.

You know that the Federal Reserve knew about the manipulation by August 2007. And see this.

But did you realize that the Fed and Treasury threw billions of dollars of taxpayer money at Barclays and the other Libor-manipulating banks after they knew about the manipulation … and did nothing to stop it?

As Richard Eskow notes:

Thanks to the GAO audit of the Fed — an audit which it vigorously resisted — we know that Barclays was the fifth largest recipient of emergency loans. Bailout loans for Barclays came to $868 billion. That means that Barclays probably made billions off the reduced interest rate alone, courtesy of the American people.

Those loans were granted between December 2007 and July 2010. That means the Fed was doling out billions to Barclays after it learned that the bank was lying about its LIBOR rates.

Indeed, all of the probable Libor manipulators – includingCiti, JP Morgan Chase, Bank of America, UBS, RBS and Deutsche – were huge recipients of bailout money courtesy of the American taxpayer:

Table 8: Institutions with Largest Total Transaction Amounts (Not Term-Adjusted) across Broad-Based Emergency Programs (Borrowing Aggregated by Parent Company and Includes Sponsored ABCP Conduits), December 1, 2007 through July 21, 2010

Bailout U.S. Gave Tens of Billions to Libor Manipulating Banks ... Even AFTER Learning about the Manipulation

Source: GAO analysis of Federal Reserve System data.
(Click table for larger image)

No, the criminals haven’t paid back the bailout money, American taxpayers are still bailing them out and helping them grow bigger, and the banks are committing more fraud every day.

The government isn’t doing anything to rein in the big banks … no wonder people are starting to call for bankers’ heads.

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5 comments on “U.S. Gave Tens of Billions to Libor-Manipulating Banks … Even After Learning about the Manipulation

  1. nonviolentconflict says:

    Reblogged this on NonviolentConflict.

  2. Reblogged this on cadesertvoice and commented:
    U.S. Gave Tens of Billions to Libor-Manipulating Banks … Even After Learning about the Manipulation
    No wonder people are beginning to call for the heads of banksters!

  3. Rain says:

    Wes and Brandy – I want to share information as much as anybody, but if you are going to copy a post that I formatted and inserted photos into, etc., I would appreciate it if you acknowledged that you got the post from Galactic Free Press. Thank you.

  4. lilium789 says:

    Thank you.

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