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Federal Reserve Secretly Committed $7 Trillion to Save Nation’s Largest Banks

HeadlineNov 29, 2011

The Bloomberg news agency has revealed new details about how the Federal Reserve secretly committed more than $7 trillion to save the nation’s largest banks in 2008 and 2009. According to a new report, the banks made an estimated $13 billion in income because the government was loaning money at below-market rates. Recipients of the secret loans included Goldman Sachs, JPMorgan, Bank of America, Citigroup and Morgan Stanley.

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