The most important fact, left out of the reports below, is that New York State Attorney General Andrew Cuomo provided the US Congress with a report that was deemed by analysts as evidence of a "criminal conspiracy" by Bernanke and BofA executives.
09-04-23 RE: SEC v BAC (1:09-cv-06829) State of New York Attorney General Andrew Cuomo Letter to US Congress and analysts' responses:
Backdoor Bailouts: Banks Play Shell Game With Taxpayer DollarsTuesday 26 April 2011
by: Senator Bernie Sanders (I-Vermont), Bernie Sanders Newsroom
The Federal Reserve propped up banks with big infusions of cash during the depths of the financial crisis in 2008 and 2009. Banks that took billions of dollars from the Fed then turned around and loaned money back to the federal government. It was a sweet deal for the bankers. They received interest payments on the government securities that were up to 12 times greater than the Fed's rock bottom rates, according to a Congressional Research Service analysis conducted for Sen. Bernie Sanders.
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