Photo : Federal Reserve Bank
via Huffington Post edition US 19 October 2011
When the Federal Reserve was handing out emergency loans during the financial crisis, some of the money didn’t have to travel very far.
More than a dozen members of the regional Federal Reserve boards have had ties to banks or companies that received emergency funds during the crisis, according to a new report from the Government Accountability Office.
The report highlights a close relationship between the Fed’s regional banks and many of the institutions they were lending to, adding credence to concerns that the financial sector enjoyed a largely consequence-free rescue in the wake of the crisis, thanks to its connections with the federal government. Continue reading →
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