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11/27/2011 Secret Fed Loans Gave Banks $13 Billion
Banks worldwide earned an estimated $13 billion by taking advantage of below-market rates on emergency U.S. Federal Reserve loans from August 2007 through April 2010. Roll over the bars below to explore details for each. To compare results with banks' net income or losses for the same timeframes, click the corresponding button. Worldwide total is the sum for 190 firms with available data; those banks lost a combined $21.6 billion. The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing. The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue. (Bloomberg)
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posted: 11/29/11                   0       6
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12/28/2009 Financial Industry Invests Heavily in Key Lawmakers
(Originally published Nov. 16, 2009; Updated with third quarter Senate data Dec. 28, 2009) As Congress considers legislation to reregulate the financial services industry in response to the greatest economic downturn since the Great Depression, the industry is focusing campaign contributions on the congressional leadership and members of the committees crafting reform legislation. Between November 2008 (when the current election cycle began) and Sept. 30, 2009, the financial industry – including banks, investment firms, insurance companies and real estate companies – has given $48.3 million in campaign contributions to members of Congress and their leadership political action committees, according to data provided by the Center for Responsive Politics (www.opensecrets.org).

Between November 2008...and Sept. 30, 2009, the financial industry...has given $48.3 million in campaign contributions to members of Congress and their leadership political action committees... ...The 94 members of the two finance committees have received $16.9 million overall. The top 10 committee recipients include the Democratic chairmen: Sen. Chris Dodd (Conn.) and Rep. Barney Frank (Mass.); and the ranking Republicans on the committees: Sen. Richard Shelby (Ala.) and Rep. Spencer Bachus (Ala.). (Public Citizen)
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posted: 8/1/11                   0       1
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6/18/2009 Democrats to push through banking overhaul quickly
Democratic leaders have committed to enacting by the end of the year the biggest regulatory revision to the U.S. financial system since the 1930s

an undertaking so ambitious it has some lawmakers worried about missteps (Associated Press)
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posted: 6/18/09                   6       20
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6/18/2009 Geithner Defends Plan to Give Fed Stepped-Up Powers
Dodd, a Connecticut Democrat, quoted one critic's view that giving the central bank more power was like awarding a son a "bigger, faster car right after he crashed the family station wagon." (Bloomberg)
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posted: 6/19/09                   6       20
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5/8/2009 Handwritten Notes Show Fed Oversight Bill Neutered On Senate Floor
Legislation to give Congress greater oversight of the Federal Reserve was severely watered down on the Senate floor Wednesday in private negotiations between two powerful Republican senators (Huffington Post)
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posted: 6/15/09                   1       17
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9/23/2008 Bailout plan under fire
Paulson, Bernanke urge immediate action on $700B plan

cite fear of meltdown. But senators from both sides voice more questions than support.

Sen. Sherrod Brown, a liberal Democrat from Ohio, said calls from his constituents about the plan have been universally negative. He told the story of one constituent who drove to Washington. "He quite rightly asked why we were rushing to bailout companies whose leaders got rich gambling with other people's money," Brown said. Brown asked if Wall Street owed the rest of America an apology. Paulson, who served as CEO of Wall Street firm Goldman Sachs for seven years before becoming Treasury Secretary in 2006, pointed at both Wall Street and others for the nation's current crisis. "There is a lot of blame to go around," Paulson said. "A lot of blame [belongs] with big financial institutions that engaged in this irresponsible lending." But Paulson also said some blame rests with regulators, rating agencies and others

"people who made loans they shouldn't have made, people who took out loans they shouldn't have taken out." (CNN)
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posted: 5/4/09                   3       19
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9/8/2004 Sen. Graham: Bush covered up Saudi involvement in 9/11
The former chairman of the Senate Intelligence Committee tells Salon that the White House has suppressed convincing evidence that Saudi government agents aided at least two of the hijackers (Salon)
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posted: 6/29/09                   1       16
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5/18/2002 A Cloak But No Dagger
An Ex-Spy Says He Seeks Solutions, Not Scapegoats for 9/11

On the morning of Sept. 11, Goss and Graham were having breakfast with a Pakistani general named Mahmud Ahmed -- the soon-to-be-sacked head of Pakistan's intelligence service. Ahmed ran a spy agency notoriously close to Osama bin Laden and the Taliban. (Washington Post)
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posted: 5/31/10                   0       10
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