File under: The raping of U.S. taxpayers in an effort to bailout foreign banks.
Some of the world’s strongest banks profited from an emergency credit facility set up by the US Federal Reserve to shore up confidence in the global financial system, according to an FT analysis of data released by the Fed.
More than half of lending under the Fed’s term auction facility – the largest of its crisis programmes – went to foreign banks.
In what may be the financial understatement of the year, FT continued:
Details of the varied uses to which they put it may add to political criticism of the Fed.
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