GAO Audit: Federal Reserve Gave $16 Trillion in Bailouts, Including to Foriegn Banks and Corporations

$16 Trillion

Amount given unilaterally by the Federal Reserve to banks and corporations around the world in bailouts after the financial meltdown at the end of the Bush administration, according toan audit by the Government Accounting Office ordered by Sen. Bernie Sanders, I-Vt. “No agency of the United States government should be allowed to bailout a foreign bank or corporation without the direct approval of Congress and the president,” Sanders said.

2 Comments

  • james lee
    July 25, 2011 - 4:57 pm | Permalink

    Your title is factually incorrect. The $16 trillion figure includes banks in the USA. I read the GAO report, as well as the article you referenced on the Sanders website. This title is being referenced on Buzzflash.com verbatim. This glaring error needs to be fixed immediately.

  • mark mach
    August 1, 2011 - 6:19 pm | Permalink

    I wondered what that glare was. Yea, be sure to include the fact that US banks would actually take money from the Fed.

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