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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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7/2/2009 Senate May Pass U.S. Climate Bill, Reject Treaty, Kerry Says
The U.S. Senate may pass legislation to slow climate change and then fail to approve a global treaty that commits nations to do so, Senator John Kerry said (Bloomberg)
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posted: 7/2/09                   0       12
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6/30/2009 Voinovich Says ‘Crap’ in Climate Bill Will Stall U.S. Passage
A House-passed bill favored by President Barack Obama to curtail global warming contains “a lot of crap” that will probably delay approval of the measure this year, Ohio Republican Senator George Voinovich said (Bloomberg)
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posted: 7/2/09                   0       11
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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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