Bernanke Forced to Reveal: International Banks Got Bulk of Secret Bailout $

Not that it matters who got it, it is immoral and illegal anyway, but the key here is to recall the rationale for why Bernanke would not release the info on who got aid from the Fed. Remember how he said that if the names of the banks and the amounts they got were made public (um can you say TRANSPARENCY?) then that could cause "instability" in the eyes of the public?

 

In other words, he implied that Americans shouldn't be told what banks got help because that might cause a rush on those banks and Americans would be hurt by the damage caused those banks due to "unwarranted fears".

 

What he didn't tell you was that the vast majority of the banks receiving aid weren't US-based banks, so his rationale abou t"protectig American bank-holdings from irrational fear" was completely BOGUS. That wasn't why he wanted to hide the information at all. The reason was that if he had to release the information (and he fought releasing it, all the way to the Supreme Court) then his crony friends would be exposed.

 

Take a look at this:

http://www.bloomberg.com/news/2011-04-01/foreign-banks-tapped-fed-s-life...

 

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