Guess Who Benefited Most form Fed’s ‘Discount’ Loan Program?

Foreign Banks

Jonathon M. Seidl
The Blaze

…According to Bloomberg News, “The biggest borrowers from the 97-year-old discount window as the program reached its crisis-era peak were foreign banks, accounting for at least 70 percent of the $110.7 billion borrowed during the week in October 2008 when use of the program surged to a record.”

Now isn’t that interesting. So who exactly are those foreign borrower? They include European, Chinese, and even Libyan-affiliated borrowers…

…“The American people are going to be outraged when they understand what has been going on,” Rep. Ron Paul (R-TX), chairman of the House subcommittee that oversees the Fed, told Bloomberg TV.

“What in the world are we doing thinking we can pass out tens of billions of dollars to banks that are overseas?” he added. “We have problems here at home with people not being able to pay their mortgages, and they’re losing their homes.”…

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