2008; Bernanke Provided Billions In BAILOUT Loans to Gaddafi . And Geithner was okay w/it.

[elehhhhna]

Sen. Bernie Sanders (I-Vt.) today questioned why the Federal Reserve provided more than $26 billion in credit to an Arab intermediary for the Central Bank of Libya.

Sanders also asked why the Libyan-owned bank and two of its branches in New York, N.Y., were exempted from sanctions that the United States this month slapped on other Libyan businesses to pressure Col. Moammar Gadhafi’s government.

“It is incomprehensible to me that while creditworthy small businesses in Vermont and throughout the country could not receive affordable loans, the Federal Reserve was providing tens of billions of dollars in credit to a bank that is substantially owned by the Central Bank of Libya,” Sanders said.

In the same letter, Sanders asked Treasury Secretary Timothy Geithner why the Treasury Department on March 4 let the Libya-controlled bank skirt the economic sanctions against Libya.

http://www.zerohedge.com/article/bernanke-provided-billions-loans-gaddafi

[MichiganVote]

1. So then in the meantime Obama tries a Bush sell job on "Freedom" and we bomb the country

Uh-huh. Ok. Sure. Makes perfect sense to know nothings who see people in the US struggling everyday to pay the goddamn taxes for all of these brain boils.

[RKP5637]

3. Then we will see corporate American lining up at the money troth to go rebuild Libya. n/t

[MichiganVote]

19. Of course. Here comes the 'building schools stories'....perfectly predictable PR.

They don't get it. They don't believe we won't believe them anymore and that most of us are not even listening anymore.

[RKP5637]

20. And no bid contracts to Halliburton ... or whomever, probably ... n/t

[ProSense]

2. More

Libya-Owned Bank Drew at Least $5 Billion From Fed

[JuniperLea]

7. I think people are missing the date...

Rage doesn't read, apparently.

[girl gone mad]

11. Remind me again..

did Obama oppose or support TARP?

Did Obama work to slow the railroading of TARP through congress so that we could get some debate and real oversight or did he play an instrumental role in promoting its quick passage by personally calling Democratic members of congress late into the night to warn them that his Presidential hopes were on the line?

[JuniperLea]

14. TARP is making a profit for US...

Don't make TARP the villan here.

[girl gone mad]

16. No, TARP is not "making a profit".

Our losses are still in the tens of billions+++

Even the banks that "paid back" these loans did so only by either funneling money from other government bailout programs or by receiving huge tax forgiveness deals from the government, like the $38 billion to Citi:

http://jessescrossroadscafe.blogspot.com/2009/12/38-billion-tax-cut-granted-by-irs-to.html

These insolvent institutions didn't just magically become solvent and profitable in the midst of a global recession.

[slipslidingaway]

24. Obama played an instrumental role its passage and then nominated ...

the regulator, head of the NY Fed, to be treasury secretary.

Kissinger liked the people Obama appointed, including the financial fields - from the interview with Kissinger on the floor of the NYSE, January '09.

[leveymg]

4. Most of the TARP money and the additional Fed funds got moved offshore.

Look at the major recipients -- global banks and multinationals. Those funds simply paid the cost of offshoring the rest of their assets.

An unintended consequence? Wanna buy a nice bridge?

[RKP5637]

5. Much as Bernie Madoff said, who should know, the US is financially run like a Ponzi scheme. n/t

[leveymg]

8. Literally. Madoff's buddy, Ezra Merkin (Cerberus Capital) bought Chrysler and GMAC Financial and

ended up cashing in big time when Wall Street melted-down and the Fed predictably bailed-out the big banks and auto industry. Merkin also owned Bank Leumi. See below.

The vultures aren't stupid. Just really, really sleazy and greedy.

[RKP5637]

18. Yep! "The vultures aren't stupid. Just really, really sleazy and greedy." n/t

[JuniperLea]

6. October 2008... Everyone should read this carefully...

This was not something the Obama administration did.

[leveymg]

9. Yes, but (then) NY Fed Chief Tim Geithner was appointed by Obama, and Bernanke remains Fed Chair.

So, all is forgiven, I guess.

[elehhhhna]

12. Well ya don't change Generals in the midst of the war on the middle class.

[leveymg]

15. Particularly when they won.

We lost, no question about that. Problem is, their propaganda offensive was so effective, most Americans don't even know there was a war. Nothing that Orwell thought up can top that one - history was rewritten before it even happened.

[JuniperLea]

13. I didn't say a word about forgiveness, or forgetting...

I keep my eye on all those asshats. Bush took a lot of bad guys off the bad guy list in order to make shit like this happen... and bad guys are hired all the time by other companies because their evil gives them insight... just ask Michael Milken. It took a lot of tap dancing to do what they did... it makes sense that those who did the dance know the moves better than anyone else.

[elehhhhna]

10. just edited the title for clarity. thanks!

[bvar22]

17. Qaddafi used to be our "friend".

But he really Screwed the Pooch in 2009 when he suggested that Libya should Nationalize Libya's Oil.

The year before, he demanded and received a larger cut ($5.4 Billion) of the Oil Corps profits for the Libyan people.
He is now suffering the blowback from pissing off the Global Oil Corps.

Wanna know how to go from friend to the most hated man in the World?
Fuck with Corporate "Profits".

This hasn't really been mentioned in the US Media, but its true.

http://uk.reuters.com/article/2009/01/21/businessproind-us-libya-gaddafi-oil-idUKTRE50K61F20090121?pageNumber=2

[Recursion]

25. "for the Libyan people"

:eyes:

Yeah, that's what he did with his kickbacks...

[rdking647]

21. the arab banking corporation is only 29% libyan

its 30% kuwait,27 % abu dhabi and the remainder owned by others..
It s areal bank with offices in over 20 countries..
i

[rdking647]

22. this wasnt tarp money

it was the fed discount window,used to provide short term liquidity to banks.. its been around since 1914

[Taitertots]

23. If those firms went under it could undermine the world financial system

Doing this was the right thing. To do otherwise would be cutting off your nose to spite your face.