Fed Passed out Tens of Billions of Dollars to Foreign Banks

The Federal Reserve has put American taxpayers on the hook for tens of billions in loans to foreign banks. You should be outraged.

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. The disclosures may stoke a reexamination of the risks posed to U.S. taxpayers by the central bank’s role in global financial markets.

Oh, and they fought to keep this information secret.