What this disclosure tells us, among many other things, is that despite this huge taxpayer bailout, the Fed did not make the appropriate demands on these institutions necessary to rebuild our economy and protect the needs of ordinary Americans. Senator Bernie Sanders comenting on the Federal Reserve bail-out.
At a Senate Budget Committee hearing in 2009, Senator Bernie Sanders asked Fed Chairman Ben Bernanke to tell the American people the names of the financial institutions that received an unprecedented backdoor bailout from the Federal Reserve, how much they received, and the exact terms of this assistance. He refused. A year and a half later, as a result of an amendment he was able to lift the veil of secrecy at the Fed, and the American people now have this information. It is shocking.