16 Trillion Dollar Bailout

During a partial audit of the Federal Reserve, the Government Accountability Office found that between the period of December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the world’s banks, corporations, and governments, with a total of 16 Trillion Dollars.

The Federal Reserve likes to refer to these secret bailouts as an all-inclusive loan program, but virtually none of the money has been returned and it was loaned out at 0% interest.

To give you points of reference..

In late 2008, the authorized TARP Bailout bill was passed and loans of $800 billion were given to failing banks and companies.

In the secret bailouts, Goldman Sachs alone received $814 Billion dollars.

The U.S. national debt is now 16 Trillion Dollars, so giving away 16 Trillion Dollars is an insane amount of money.

Here’s the major banks that received the supposed ‘loans’:

Citigroup: $2.5 trillion

Morgan Stanley: $2.04 trillion

Merrill Lynch: $1.949 trillion

Bank of America: $1.344 trillion

Barclays PLC (United Kingdom): $868 billion

Bear Sterns: $853 billion

Goldman Sachs: $814 billion

Royal Bank of Scotland (UK): $541 billion

JP Morgan Chase: $391 billion

Deutsche Bank (Germany): $354 billion

UBS (Switzerland): $287 billion

Credit Suisse (Switzerland): $262 billion

Lehman Brothers: $183 billion

Bank of Scotland (United Kingdom): $181 billion

BNP Paribas (France): $175 billion

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 Senator Bernie Sanders.  “This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.”

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