|Sunday, August 21st, 2011||SUGGEST NEWS|
Wall Street Aristocracy Got $1.2T in Loans
Posted by: Nebuchadnezzar on August 21st, 2011 @ 9:51PM
Link - And we're supposed to feel bad about people hiding their money from the government?
Fed Chairman Ben S. Bernankeís unprecedented effort to keep the economy from plunging into depression included lending banks and other companies as much as $1.2 trillion of public money, about the same amount U.S. homeowners currently owe on 6.5 million delinquent and foreclosed mortgages. The largest borrower, Morgan Stanley (MS), got as much as $107.3 billion, while Citigroup took $99.5 billion and Bank of America $91.4 billion, according to a Bloomberg News compilation of data obtained through Freedom of Information Act requests, months of litigation and an act of Congress.
It wasnít just American finance. Almost half of the Fedís top 30 borrowers, measured by peak balances, were European firms. They included Edinburgh-based Royal Bank of Scotland Plc, which took $84.5 billion, the most of any non-U.S. lender, and Zurich-based UBS AG (UBSN), which got $77.2 billion. Germanyís Hypo Real Estate Holding AG borrowed $28.7 billion, an average of $21 million for each of its 1,366 employees. (WTF)
The largest borrowers also included Dexia SA (DEXB), Belgiumís biggest bank by assets, and Societe Generale SA, based in Paris, whose bond-insurance prices have surged in the past month as investors speculated that the spreading sovereign debt crisis in Europe might increase their chances of default.
COMMENTS (3) | US GOVERNMENT WASTE | DIGG
August 21st, 2011 @ 10:07PM
|but they`re creating jobs! and that 1.2 trillion is trickling down to everyone else, lets pay attention|
Good is Dumb
August 22nd, 2011 @ 2:35PM
|Funny thing about loans. You have to pay them back (with interest).|
August 24th, 2011 @ 9:19PM
|"but they`re creating jobs! and that 1.2 trillion is trickling down to everyone else, lets pay attention"|
They`re not creating jobs! They`re paying too much tax. If they pay 3.2% less tax, THEN we`ll get all the jobs.
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