CADTM - United-States : the Fed Bails Out Wall Street
The
CEO of JPMorgan Chase served on the New York Fed’s board of directors
at the same time that his bank received more than $390 billion in
financial assistance from the Fed. Moreover, JPMorgan Chase served as
one of the clearing banks for the Fed’s emergency lending programs. |2|
According to an independent study by the Levy Institute, which has the
collaboration of economists such as Joseph Stiglitz, Paul Krugman and
James K. Galbraith, Fed assistance to banks was much more than the $16
trillion revealed by the GAO; it was $29 trillion dollars. |3|
