We've just learned about the Federal Reserve's extraordinary secret bailout of the country's big banks. We now know that the TARP bailout program was only the tip of the iceberg, and that financial institutions received a total of $1.2 trillion in loans and other funds while the rest of the country was left to struggle for economic survival.
We also know that, despite all that "we got our money back" rhetoric, these loans represent a cash giveaway to the banks that totals up to tens of billions of dollars - while homeowners and student loan borrowers continue to struggle.
Here's what we now know about this secret bailout, thanks to a Bloomberg report, along with what we already knew - and what we still don't know:
We now know that the 10 biggest banks in America received $669 billion in emergency loans from the Fed.
We already knew that the same 10 banks now own 77% of the country's banking assets, more than before the crisis, making them even more "too big to fail" than ever. more »
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