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December 2, 2010

U.S. Federal Reserve sent $3.300bn to European banks

Financial TImes piece by Robin Harding, Tom Braithwaite and Francesco Guerrera on the surprising news of how deeply involved the United States government was in emergency funding during the european bank meltdown beginning in 2007:

“We’re talking about huge sums of money going to bail out large foreign banks,” said Bernie Sanders, the independent senator from Vermont. “Has the Federal Reserve of the United States become the central bank of the world?”

Under the Dodd-Frank financial reform act, the Fed on Wednesday detailed more than 21,000 transactions with banks carried out through half a dozen special financing programmes starting in 2007."

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