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State & National News

Banks loaned $1.2 Trillion secretly in 2008 by Fed (pre-Obama)

Rick Outzen November 28, 2011

Bloomberg Markets magazine reports in its January issue that the Federal Reserve gave U.S. banks secret loans that netted $13 billion of undisclosed income. The $1.2 trillion bailout in December of 2008â€”the largest in U.S. historyâ€”has been kept a secret by the Fed and big banks. Read more.

Author: Rick Outzen

Rick Outzen is the publisher/owner of Pensacola Inweekly. He has been profiled in The New York Times and featured in several True Crime documentaries. Rick also is the author of the award-winning Walker Holmes thrillers. His latest nonfiction book is “Right Idea, Right Time: The Fight for Pensacola’s Maritime Park.”