Friday, June 15, 2012
Naming Names: Jamie Dimon Is Not Alone
Following the 2008 financial collapse, at least 18 former and current directors from Federal Reserve Banks worked in banks and corporations that got over $4 trillion in low-interest loans from the Federal Reserve - that is, they bailed out themselves. The findings of the Government Accountability Office report were released for the first time by the tireless Sen. Bernie Sanders.
“This report reveals the inherent conflicts of interest that exist at the Federal Reserve. At a time when small businesses could not get affordable loans to create jobs, the Fed was providing trillions in secret loans to some of the largest banks and corporations in America that were well represented on the boards of the Federal Reserve Banks. These conflicts must end.”