In 2008, the American public was enraged as Hank Paulson shoved an $800 billion bankster handout named TARP down the throats of American taxpayers.
The recently completed GAO audit of the Federal Reserve as required under the Frank/Dodd legislation has revealed that the true number given to TBTF banks during the financial crisis was nearly 20 FOLD LARGER AT $16.115 TRILLION!!
In fact, 7 individual TBTF financial institutions each received bailouts in excess of $800 billion through various 4-letter acronym lending facilities!
The GAO report reveals that Citigroup received an astonishing $2.5 TRILLION, Morgan Stanley (who again may be on the verge of collapse) was bailed out to the tune of $2.04 TRILLION, and Goldman Sachs & JP Morgan received over $1.1 TRILLION combined!
These funds were handed out at 0% interest rates, and VIRTUALLY NONE HAVE BEEN PAID BACK!
Take a moment to put $16.115 TRILLION in perspective. We bring this report back to our readers’ attention due to the US debt milestone just achieved. For those who missed the news, the official US debt just passed $16 trillion in the past week.
Without even the knowledge much less the consent of the American public, the Federal Reserve has given TBTF financial institutions a greater sum then the entire US debt- just between 2007-2010! This doesn’t even account for the $Trillions given to the ECB and European banks in late 2011 to prevent the collapse of the European banking system!
The criminal Federal Reserve banking system gave TBTF financial institutions (both US AND FOREIGN) a combined $16.115 TRILLION!
Directly from the GAO report, the top 15 banks the Fed bailed out are below:
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)
We have included the GAO report, above results of the GAO’s report can be found on Page 131.
This is just 1 example of why gold and silver do not require official Quantitative Easing to continue their bull runs. The Fed is printing over $5 TRILLION A YEAR JUST TO KEEP THE FINANCIAL SYSTEM FROM IMPLODING!
GOLD AND SILVER HAVE RESPONDED, AND WILL CONTINUE TO RESPOND TO THESE ACTIONS, WHETHER THEY ARE REVEALED TO THE PUBLIC OR NOT!!!