LIAR, LIAR, PANTS ON FIRE -

THE FEDS BAILED OUT 35 FOREIGN BANKS.

Federal Reserve May Be `Central Bank of the World' After UBS, Barclays Aid
Federal Reserve data showing UBS AG and Barclays Plc ranked among the top users of $3.3 trillion from emergency programs is stoking debate on whether U.S. regulators bear responsibility for aiding other nations’ banks.

UBS was the biggest borrower under the Commercial Paper Funding Facility, with $74.5 billion overall, more than twice as much as Citigroup Inc., the top U.S. bank recipient, according to the data released yesterday. London-based Barclays Plc took the biggest single amount under another program that made overnight loans, when it got $47.9 billion on Sept. 18, 2008.

“We’re talking about huge sums of money going to bail out large foreign banks,” said Senator Bernard Sanders, the Vermont independent who wrote the provision in the Dodd-Frank Act that required the Fed disclosures. “Has the Federal Reserve become the central bank of the world? I think that is a question that needs to be examined.”

The first detailed accounting of U.S. efforts to spare European banks may add to scrutiny of the central bank, already at its most intense in three decades. The Fed, which released data on 21,000 transactions, said in a statement that its 11 emergency programs helped stabilize markets and support economic recovery. The Fed said there have been no credit losses on rescue programs that have been closed.

http://www.bloomberg.com/video/64942500/
Dec. 1 (Bloomberg) -- U.S. Representative Ron Paul, a Republican from Texas, talks about the Federal Reserve's response to the financial crisis and the bank's that borrowed from the Fed's Term Auction Facility. Paul speaks with Pimm Fox on Bloomberg Television's "Taking Stock." (Source: Bloomberg)

continued at link: http://www.bloomberg.com/news/2010-12-02/federal-reserve-may-be-central-bank-of-the-world-after-ubs-barclays-aid.html

Fed aid in financial crisis went beyond U.S. banks to industry, foreign firms

December 2, 2010
By Jia Lynn Yang, Neil Irwin and David S. Hilzenrath

The financial crisis stretched even farther across the economy than many had realized, as new disclosures show the Federal Reserve rushed trillions of dollars in emergency aid not just to Wall Street but also to motorcycle makers, telecom firms and foreign-owned banks in 2008 and 2009.

The Fed's efforts to prop up the financial sector reached across a broad spectrum of the economy, benefiting stalwarts of American industry including General Electric and Caterpillar and household-name companies such as Verizon, Harley-Davidson and Toyota. The central bank's aid programs also supported U.S. subsidiaries of banks based in East Asia, Europe and Canada while rescuing money-market mutual funds held by millions of Americans.

The biggest users of the Fed lending programs were some of the world's largest banks, including Citigroup, Bank of America, Goldman Sachs, Swiss-based UBS and Britain's Barclays, according to more than 21,000 loan records released Wednesday under new financial regulatory legislation.

The data reveal banks turning to the Fed for help almost daily in the fall of 2008 as the central bank lowered lending standards and extended relief to all kinds of institutions it had never assisted before.

continued at link: http://www.washingtonpost.com/wp-dyn/content/article/2010/12/01/AR2010120106870.html

Ron Paul uncensored on $9 trillion Fed bailout

https://www.youtube.com/watch?v=bAYvv2xT8yI&feature=channel