Wednesday, June 18, 2014

$16 Trillion Bail-Out, Foreign Banks, and the GAO Report

Staff Writer, DB Holmes
Bail Outs / Banks

The banker bailout from the 2008 economic crash was not just for American banks but also to bailout troubled banks across Europe. 

The initial cost estimate of $3 Trillion exploded into over five times that amount. With teeth pulling, Congress finally got an audit of the Federal Reserve's loans at taxpayers' expense.
On numerous occasions in 2008 and 2009, the Federal Reserve Board invoked emergency authority under the Federal Reserve Act of 1913 to authorize new broad-based programs and financial assistance to individual institutions to stabilize financial markets. 
To read more, please check out the source material below from July 2011.  

Source: GAO Report