Wall Street and Overseas Fat Cats Feast On Federal Reserve Cabbage

The loans that the federal reserve gave out in secret during the financial crisis have now been made public due to a number of freedom of information act requests, months of litigation and an act of Congress. The total amount loaned out by the Federal Reserve, which was not a part of the TARP program, was $1.2 trillion dollars and the recipients were many of the largest financial firms on the planet. The firms were located in both U.S. and Europe, with the largest beneficiary being Morgan Stanley which received $107.3 billion, followed by Citigroup who received $99.5 billion. A number of European firms received loans too, with the largest being Royal Bank of Scotland and UBS that received $84.5 billion and $77.2 billion respectively.