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5. First Federal Reserve Audit Reveals Trillions Loaned to Major Banks

An audit of the First Federal Reserve reveals sixteen trillion dollars in secret bailouts to major American and European banks during the height of the global financial crisis, from 2007 to 2010. Morgan Stanley received up to $107.3 billion, Citigroup took $99.5 billion, and Bank of America $91.4 billion, according to data obtained through Freedom of Information Act requests, months of litigation, and an act of Congress.

Censored News Cluster: From “Bankster Bailout” to “Blessed Unrest”: News We Can Use to Create a US Economy for the 99 Percent

Matthew Cardinale, “First Federal Reserve Audit Reveals Trillions in Secret Bailout,” Inter Press Service, Common Dreams, August 28, 2011, http://www.commondreams.org/headline/2011/08/28-3.

http://www.mediafreedominternational.org/2011/10/24/first-federal-reserve-audit-revels-trillions-loaned-to-major-banks/

Student Researcher: Nicole Trupiano (Sonoma State University)

Faculty Evaluator: Peter Phillips (Sonoma State University)