First-ever Fed audit reveals—are you sitting down?—$16 TRILLION in secret bailouts!

First Federal Reserve Audit Reveals Trillions in Secret Bailouts
Monday, 29 August 2011 06:55
Matthew Cardinale

ATLANTA, Aug 28 (IPS) – The first-ever audit of the U.S. Federal Reserve has revealed 16 trillion dollars in secret bank bailouts and has raised more questions about the quasi-private
agency’s opaque operations.

“This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else,” U.S. Senator Bernie Sanders, an Independent from Vermont, said in a statement.

The majority of loans were issues by the Federal Reserve Bank of New York (FRBNY).

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