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'Secret' Fed Loans Reveal Divide Between 'Wall Street Aristocracy' And Ordinary Americans
If you've not yet read the recent piece by Bradley Keoun and Phil Kuntz of
Bloomberg News
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, "Wall Street Aristocracy Got $1. 2 Trillion in Fedâs Secret Loans," please go read the whole thing. The report hits many of my favorite sweet-spots. Read more
Summary
If you've not yet read the recent piece by Bradley Keoun and Phil Kuntz of Bloomberg News, "Wall Street Aristocracy Got $1. 2 Trillion in Fedâs Secret Loans," please go read the whole thing. The report hits many of my favorite sweet-spots. By far the most important is the fact that, for all the reporting on the Troubled Asset Relief Program and the way every picayune repayment is worthy of an excited press release from the Department of the Treasury, the underreported story of the bailout remains the trillions of taxpayer dollars that the Federal Reserve has disbursed to major financial institutions in an attempt to make them whole, making the TARP just an overhyped sliver of the entire bailout.
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