Warren: Citigroup, Morgan Stanley, Merrill Lynch Received $6 Trillion Backdoor Bailout from Fed

sentinelblog

From Wall Street on Parade, by Pam Martens and Russ Martens, March 2015

Senator Elizabeth Warren Questions Panel Members at the March 3, 2015 Hearing on Fed Accountability and Reform Senator Elizabeth Warren Questions Panel Members at the March 3, 2015 Hearing on Fed Accountability and Reform

Yesterday, the Senate Banking Committee held the first of its hearings on widespread demands to reform the Federal Reserve to make it more transparent and accountable.

Senator Elizabeth Warren put her finger on the pulse of the growing public outrage over how the Federal Reserve conducts much of its operations in secret and appears to frequently succumb to the desires of Wall Street to the detriment of the public interest. Warren addressed the secret loans that the Fed made to Wall Street during the financial crisis as follows:

“During the financial crisis, Congress bailed out the big banks with hundreds of billions of dollars in taxpayer money; and that’s a lot of money. But the biggest money for the biggest banks…

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