GAO Audit Reveals Massive $16.1 Trillion in Secret Federal Reserve Crisis Loans

| Importance: 10/10 | Status: confirmed

The first comprehensive audit of the Federal Reserve revealed it secretly provided $16.1 trillion in emergency loans to major financial institutions during the 2008-2010 financial crisis, far exceeding the $700 billion TARP program. The audit exposed unprecedented scale of financial sector bailouts, including $3.08 trillion to foreign institutions, and significant conflicts of interest involving bank executives serving on the Fed’s board while their institutions received massive, near-zero interest loans.

Key Actors

Federal Reserve Ben Bernanke Citigroup Morgan Stanley Goldman Sachs Bank of America JPMorgan Chase Jamie Dimon Bernie Sanders

Tags

financial-crisis secret-bailout monetary-capture federal-reserve regulatory-capture banking-corruption

Sources (3)

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