All Entries Tagged With: "How Much Money Did Uncle Sam & the Federal Reserve Really Give to Wall Street Banks?"
To see financial stocks and big investment banks continue to struggle baffles me. No other sector got bailed out by the government so much as the investment banks did. Looking back, letting them fail might have been the best thing to happen compared to the trillions of dollars both Uncle Sam and the Fed have provided them with. Reading Bloomberg News most recent article “Wall Street Aristocracy Got $1.2T in Loans“ gives us the full details on how much money apart from TARP money was actually loaned from the government to the investment banks. Thank the Freedom of Information Act for the information finally becoming common knowledge. Trust me looking into the data it does not look good.
Everyone knew about Citigroup (NYSE: C, borrowed $99.5 billion) and Bank of America (NYSE: BAC, borrowed $91.4 billion) were screwed and in trouble but they were some really shockers out there. To much surprise, Morgan Stanley took loans of $107.3 billion, something that was not well known. Looking back I believe this situation should of and could of been easily avoided by the government and the Federal Reserve and the problems of the banks should not become the burden of the American Taxpayers.