This article was sent into us this morning and it is shocking! This article exposes the extent of the damage to the world’s financial system and also the extent the American Government will go to protect its friends on Wall Street
Citigroup Inc. (C) and Bank of America Corp. (BAC) were the reigning champions of
finance in 2006 as home prices peaked, leading the 10 biggest U.S. banks and
brokerage firms to their best year ever with $104 billion of profits.
By 2008, the housing market’s collapse forced those companies to take more than six times as much, $669 billion, in emergency loans from the U.S. Federal Reserve.
The loans dwarfed the $160 billion in public bailouts the top 10 got from the
U.S. Treasury, yet until now the full amounts have remained secret.