(Context provided by yesterday's post. Thanx to Larry Becraft)
The first ever GAO audit of the Federal Reserve was carried out in the past few months. due to the Ron Paul, Alan Grayson Amendment to the Dodd-Frank bill, which passed last year. While Americans were struggling to find jobs, the Federal Reserve had never even informed the United States Congress, let alone the rest of us, that $16 TRILLION (that's what 12 "0"'s means) dollars THAT DIDN'T EVEN EXIST was "spent" by the Federal Reserve between December 2007 and June 2010 to secretly bail out many of the world's megabanks, supercorporations, and governments.
The list of banks, corporations, and governments receiving the most money from the Federal Reserve can be found on page 131 of the GAO Audit and follows:
Citigroup: $2.5 trillion ($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion* ($868,000,000,000)
Bear Sterns: $853 billion ($853,000,000,000)
Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)
The results were posted on Senator Bernie Sanders' webpage earlier this morning.
To place $16,000,000,000,000.00 (16 trillion) into perspective, remember that GDP of the United States is only $14,120,000,000,000.00 (14.12 trillion). The entire national debt of the United States government spanning its 200+ year history is only $14,500,000,000,000.00 (14.5 trillion).
The budget that is being debated so heavily in Congress and the Senate is only $3,500,000,000,000.00 (3.5 trillion). Take all of the outrage and debate over the $1,500,000,000,000.00 (trillion) deficit into consideration, and swallow this Red pill: There was no debate about whether $16,000,000,000,000 would be given to failing banks and failing corporations around the world.
Had enough, yet?
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