European banks took big slice of Fed aid

[katty]

more: http://www.ft.com/cms/s/0/4dd95e42-fd6d-11df-a049-00144feab49a.html#axzz16uAqazgm


European banks took big slice of Fed aid
By Robin Harding and Tom Braithwaite in Washington and Francesco Guerrera in New York

Published: December 1 2010 17:30 | Last updated: December 1 2010 23:02

Foreign banks were among the biggest beneficiaries of the $3,300bn in emergency credit provided by the Federal Reserve during the crisis, according to new data on the extraordinary efforts of the US authorities to save the global financial system.

The revelation of the scale of overseas lenders’ borrowing underlines the global nature of the turmoil and the crucial role of the Fed as the lender of last resort for the world’s banking sector.

[dixiegrrrrl]

1. Wrong headline.

It should read:

European banks took big slice of American taxpayer's money.

And THAT is why Paulson refused to answer any questions about where the money was going.
Yet OUR Congress voted to let TARP pass, secrets intact.

Remember that, for a long long long time.

[katty]

2. indeed, and we all know that - even as press conferences

and headlines serve to cover up the truth.