Grayson on the Fed bailout: "If you're not a Wall Street bank, you're screwed"

Bloomberg: Secret Fed Loans Gave Banks $13 Billion

By Bob Ivry, Bradley Keoun and Phil Kuntz - Nov 27, 2011 4:01 PM PT
Bloomberg Markets Magazine

Nov. 28 (Bloomberg) -- The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. No one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue. Betty Liu reports on Bloomberg Television's "In the Loop." (Source: Bloomberg)
Enlarge image Kenneth D. Lewis Former CEO of Bank of America Corp.

On Nov. 26, 2008, then-Bank of America Corp. Chief Executive Officer Kenneth D. Lewis wrote to shareholders that he headed “one of the strongest and most stable major banks in the world.” He didn’t say that his firm owed the central bank $86 billion that day. Photo: Joshua Roberts/Bloomberg

The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing.

The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue.

More

VIDEO: Financial Services Subcommittee on Oversight and Investigations hearing of May 5, 2009.

Rep. Alan Grayson Vs. Cavuto: "A Stuck Pig Squeals Loudly"

Huffington Post

Rep. Alan Grayson (D-Fla.) is taking some heat for his bill to ban bonuses and excessive compensation for any employee at any firm benefiting from government bailout dollars. In an interview Tuesday on the Fox Business Network, Grayson was grilled by a fired-up Neil Cavuto, who called the congressman "Sweden in a suit"and said "the Constitution never gave you the damn authority of telling anyone what they should make."

In an interview with the Huffington Post, Grayson blows off the criticism.

"A stuck pig squeals loudly," the congressman says. "I'm going after some of the biggest crooks in the country and they're fighting back through people like Neil Cavuto."

Grayson's bill, the Pay for Performance Act, passed the House yesterday. He argued in an op-ed on the Huffington Post Wednesday that the bill would put an end to "theft" on Wall Street, "which is apparently the only place in the world where you can steal from the taxpayers and then bill them for services rendered."

More


Alan Grayson is OK in my book and makes me glad I'm a Democrat. He is fighting for the sheeple and is doing the work that needs to be done in the accountability department, yet the word is being passed around that he won't be re-elected. Why is this? Ask Dennis Kucinich or Ron Paul, or anybody that dares to show truth to power.