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Friday, 24 February 2012 00:23

Ever wonder why European banks were so angry with us: Something about not making good on some toxic garbage we sold them - until 'The Bailout'?

Written by  Bobcat
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[Federal Reserve Chairman Ben Bernanke. The data revealed that the Fed's aid was scattered much more widely than previously understood.]

The Federal Reserve on Wednesday reluctantly opened the books on its monumental campaign to save the financial system in the midst of the recent crisis, revealing how it distributed some $3.3 trillion in relief. The data revealed that the Fed's aid was scattered much more widely than previously understood. Two European megabanks -- Deutsche Bank and Credit Suisse -- were the largest beneficiaries of the Fed's purchase of mortgage-backed securities (also known as "toxic derivatives" - ed.) The Fed's dollars also flowed to major American companies that are not financial players, including McDonald's and Harley-Davidson, through unsecured short-term loans. Read more...

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