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Here's the GAO Audit (PDF).

From Senator Bernie Sanders

I'll let Senator Sanders tell the story himself:

"As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," said Sanders. "This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else."

The Fed did the following:

• Provided trillions of dollars to foreign banks and corporations, from South Korea to Scotland
• Had members of the board that received money from the Fed for their companies (Conflict of interest)
• Outsourced emergency lending programs to private contractors, who in turn received low-interest and secret loans.
• No-bid contract to manage the bailout of AIG

A more detailed GAO investigation into potential conflicts of interest at the Fed is due on Oct. 18, but Sanders said one thing already is abundantly clear. "The Federal Reserve must be reformed to serve the needs of working families, not just CEOs on Wall Street."

$16T ??  I can't even conceive of what they must have used for assets.

Originally posted to polecat's smelly patch on Thu Jul 21, 2011 at 02:07 PM PDT.

Also republished by ClassWarfare Newsletter: WallStreet VS Working Class Global Occupy movement.

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