Feb 21, 2013 7:47 AM PT
Free money to foreign banks is just jews helping out jews worldwide. Why is America bailing out FOREIGN BANKS with OUR MONEY? Why is POOR AMERICA bailout out RICH SWITZERLAND? WHY!
Answer – America handed over power of all its money to a private group of jews who use the power to rape america and impoverish it. The vote was done the night before christmas in secret by traitors and no one has sought to overturn it.
The original Federal Reserve Act of 1913 did indeed provide for expiration of the corporate “power” of the twelve Federal Reserve Banks to exist in 20 years from the banks’ organization (not the adoption of the Act).
“Sec. 4 … the said Federal reserve bank shall become a body corporate and as such … shall have power: … Second. To have succession for a period of twenty years from its organization unless it is sooner dissolved by an Act of Congress, or unless its franchise becomes forfeited by some violation of law. Federal Reserve Act of 1913 (P.L. 63-43, 38 STAT. 251, 12 USC 221).”
However, this 20-year corporate life was changed to perpetual in 1927 by Act of Feb. 25, 1927 (44 Stat. 1234) as follows: “Second. To have succession after February 25, 1927, until dissolved by Act of Congress or until forfeiture of franchise for violation of law.”
This is codified in the United States Code, 12 U.S.C. § 341
This is where it stands today. Each of the U.S. Federal Reserve Banks can only be dissolved by an act of Congress or “forfeiture of franchise for violation of law.”
I would declare, that their support of foreign banks with American dollars constitutes TREASON and therefore they should be dissolved by a writ of Congress IMMEDIATELY.
Fed Gave Banks Crisis Gains on $80 Billion Secretive Loans as Low as 0.01%
By Bob Ivry
Credit Suisse Group AG (CS), Goldman Sachs Group Inc. (GS) and Royal Bank of Scotland Group Plc (RBS) each borrowed at least $30 billion in 2008 from a Federal Reserve emergency lending program whose details weren’t revealed to shareholders, members of Congress or the public.
The $80 billion initiative, called single-tranche open- market operations, or ST OMO, made 28-day loans from March through December 2008, a period in which confidence in global credit markets collapsed after the Sept. 15 bankruptcy of Lehman Brothers Holdings Inc.
The U.S. Federal Reserve building in Washington, D.C. Photographer: Joshua Roberts/Bloomberg
May 26 (Bloomberg) — Michael Greenberger, a professor at University of Maryland School of Law and a former director at the Commodity Futures Trading Commission, discusses a Federal Reserve emergency lending program that made 28-day loans to banks from March through December 2008 with rates as low as 0.01 percent. The program’s details weren’t revealed to shareholders, members of Congress or the public. Records of the lending were released in March under court orders. Greenberger speaks with Deirdre Bolton on Bloomberg Television’s “InsideTrack.” (Source: Bloomberg)
May 26 (Bloomberg) — Credit Suisse Group AG, Goldman Sachs Group Inc. and Royal Bank of Scotland Group Plc each borrowed at least $30 billion in 2008 from a Federal Reserve emergency lending program whose details weren’t revealed to shareholders, members of Congress or the public. The $80 billion initiative, called single-tranche open-market operations, or ST OMO, made 28-day loans from March through December 2008. Banks paid interest rates as low as 0.01 percent that December, when the Fed’s main lending facility charged 0.5 percent. Bloomberg’s Bob Ivry discusses the loan program with Deirdre Bolton on Bloomberg Television’s “InsideTrack.” (Source: Bloomberg)
The headquarters of the Goldman Sachs Group Inc., center, stands in this aerial photograph taken over New York. Photographer: Andrew Harrer/Bloomberg
Units of 20 banks were required to bid at auctions for the cash. They paid interest rates as low as 0.01 percent that December, when the Fed’s main lending facility charged 0.5 percent.
“This was a pure subsidy,” said Robert A. Eisenbeis, former head of research at the Federal Reserve Bank of Atlanta and now chief monetary economist at Sarasota, Florida-based Cumberland Advisors Inc. “The Fed hasn’t been forthcoming with disclosures overall. Why should this be any different?”
The Federal Reserve Bank of New York, which oversaw ST OMO, posted aggregate data about the program on its website after each auction, said Jeffrey V. Smith, a New York Fed spokesman. By increasing the availability of short-term financing when private lenders were under pressure, “this program helped alleviate strains in financial markets and support the flow of credit to U.S. households and businesses,” he said.
Not in Dodd-Frank
Congress overlooked ST OMO when lawmakers required the central bank to publish its emergency lending data last year under the Dodd-Frank law.
“I wasn’t aware of this program until now,” said U.S. Representative Barney Frank, the Massachusetts Democrat who chaired the House Financial Services Committee in 2008 and co- authored the legislation overhauling financial regulation. The law does require the Fed to release details of any open-market operations undertaken after July 2010, after a two-year lag.
Records of the 2008 lending, released in March under court orders, show how the central bank adapted an existing tool for adjusting the U.S. money supply into an emergency source of cash. Zurich-based Credit Suisse borrowed as much as $45 billion, according to bar graphs that appear on 27 of 29,000 pages the central bank provided to media organizations that sued the Fed Board of Governors for public disclosure.
New York-based Goldman Sachs’s borrowing peaked at about $30 billion, the records show, as did the program’s loans to RBS, based in Edinburgh. Deutsche Bank AG (DBK), Barclays Plc (BARC) and UBS AG (UBSN) each borrowed at least $15 billion, according to the graphs, which reflect deals made by 12 of the 20 eligible banks during the last four months of 2008.
No Exact Amounts
The records don’t provide exact loan amounts for each bank. Smith, the New York Fed spokesman, would not disclose those details. Amounts cited in this article are estimates based on the graphs.
One effect of the program was to spur trading in mortgage- backed securities, said Lou Crandall, chief U.S. economist at Jersey City, New Jersey-based Wrightson ICAP LLC, a research company specializing in Fed operations. The 20 banks — previously designated as primary dealers to trade government securities directly with the New York Fed — posted mortgage securities guaranteed by government-sponsored enterprises such as Fannie Mae or Freddie Mac in exchange for the Fed’s cash.
ST OMO aimed to thaw a frozen short-term funding market and not necessarily to aid individual banks, Crandall said. Still, primary dealers earned spreads by using the program to help customers, such as hedge funds, finance their mortgage securities, he said.