The big banks took huge loan from the Federal Reserve during the peak of recession in the year 2008 to get bailed out of their financial crisis. The Federal Reserve and these big banks tried their level best to keep this record a closely guarded secret.
The Federal Reserve did not want to disclose to anyone which of the banks were in trouble. The crisis was so deep that these banks combined together took a loan of $1.2 trillion on 5th December, 2008. Bankers did not disclose this to their customers and investors and were continuously telling them that there is no reason to get worried and their financial health is absolutely fine.
Calculations have raised the eyebrows that banks took this money at the below the market interest rates and made an income of approximately $13 billion. They merely took advantage of this low interest rate and reaped the benefits.
The most interesting part is that Fed never disclosed this fact to the lawmakers at the Congress who were debating giving out more funds to prevent another round of collapse. All these facts came out into the open when Bloomberg News won a court case against the Federal and some of the biggest US banks known as Clearing House Association LLC asking the lending details to be disclosed openly.
The amount of money committed by the Central bank to save the financial situation of the country was estimated at $7.77 trillion till March, 2009. This huge amount would have dwarfed the $700 billion troubled asset relief program of the Treasury Department.
Bank of America Chief executive told his shareholders that it is “one of the strongest and most stable banks in the world”. He did not roll out the fact that on that very day, the bank owed $86 billion on that single day.
The rumour regarding the birth place of President Barrack Obama, it seems refuses to die down. Surely the President released his birth certificate that clearly states that he was very much born in the United States. However, the claim by singer Pat Boone last week that the President has its origin in Africa and not in our country has added fuel to the rumor once again.
The Beverly Hills tea party member even claimed that the birth certificate released by the President is only some ‘photo shop’ handiwork – a fake.
The San Francisco Chronicle came up with his statement where he reveals that during his visit to Kenya last year he came across people who claim that President Obama was born there.
He also said that the experts have questioned the authenticity of the birth certificate presented by the President. The crooner also put forwarded the argument that millions of dollars are being spent to conceal the records. But unfortunately, the media does not give the coverage it deserves.
The issue of the President’s foreign origin first came up this year when billionaire Donald Trump asked him to make his original birth record public some time back this year. This, he said, would stop the rumour mongers once and for all.
The President obliged. And Trump didn’t lose the opportunity to take credit for it. Shortly after the copies of the birth certificate of Barrack Obama were publicized in the internet, he pompously congratulated himself for achieving this tremendous feat while maintaining that the President should have done it much earlier.
When queried about the authenticity of the document, he said that he is yet to see it but hopes it to be true. But the accusation by singer Pan Boone has once again brought the issue to lime light.