Secret Fed Loans Helped Banks Net $13B – Bloomberg

Bloomberg continues reporting into Secret Fed Loans Helped Banks Net $13B. THe FOIA information that Bloomberg has acquired shows that the Fed gave the banks lines of credit, loans and access to the discount window to the tune of $7.7 trillion, yes that’s trillion. In their own calculation Bloomberg thinks that the banks netted profit of $13 billion on this largesse from the US taxpayer. Though the true amount can’t be known since the way in which individual banks employed the money may or may not have netted them as much as the average yield of their investments..