Fed Gave Secret Bailout to Foreign Banks
Without public disclosure, the Federal Reserve doled out money totaling at least $30 million to three foreign banks at interest rates as low as 0.01 percent during the 2008 financial crisis, Bloomberg reported. The banks Goldman Sachs, Credit Suisse and the Royal Bank of Scotland were recipients recipients of these loans, approved by Ben Bernanke. The information was released following the filing of a Freedom of Information Act request, raising questions by open government and transparency advocates.
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We’ve borne witness to a chaotic first few months in Trump’s presidency.
Over the last months, each executive order has delivered shock and bewilderment — a core part of a strategy to make the right-wing turn feel inevitable and overwhelming. But, as organizer Sandra Avalos implored us to remember in Truthout last November, “Together, we are more powerful than Trump.”
Indeed, the Trump administration is pushing through executive orders, but — as we’ve reported at Truthout — many are in legal limbo and face court challenges from unions and civil rights groups. Efforts to quash anti-racist teaching and DEI programs are stalled by education faculty, staff, and students refusing to comply. And communities across the country are coming together to raise the alarm on ICE raids, inform neighbors of their civil rights, and protect each other in moving shows of solidarity.
It will be a long fight ahead. And as nonprofit movement media, Truthout plans to be there documenting and uplifting resistance.
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