Large US banks profited off Federal Reserve - PFBQuicklink submitted by Dr Stuart Jeanne Bramhall Permalink
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|A new report shows America's largest banks likely profited off of the Federal Reserve by borrowing money at extremely low rates and then re-lending it back to the government at much higher rates. The data from the Congressional Research Service shows banks received cash at near free levels and then opted to lend it out to the federal government at high rates, essentially taking advantage of tax payer funds. Meanwhile the same banks effused to lend the money handed to them by the Fed to Americans in need of loans for mortgages and small businesses.|
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