GAO Audit Reveals Massive $16.1 Trillion in Secret Federal Reserve Crisis Loans

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Regulatory Capture Financial Capture Systematic Corruption

The first comprehensive audit of the Federal Reserve revealed it secretly provided $16.1 trillion in emergency loans to major financial institutions during the 2008-2010 financial crisis, far exceeding the $700 billion TARP program. The audit exposed unprecedented scale of financial sector bailouts, including $3.08 trillion to foreign institutions, and significant conflicts of interest involving bank executives serving on the Fed’s board while their institutions received massive, near-zero interest loans.

Sources & Citations

[1] Federal Reserve Emergency Lending: Structural Weaknesses in Governance · Jul 21, 2011 Tier 1

[2] The Fed Audit: Sanders Reveals 16 Trillion in Secret Bailouts · Dec 1, 2011 Tier 1

[3] First Federal Reserve Audit Reveals Trillions in Secret Bailouts · Aug 29, 2011 Tier 2

Tiers Tier 1 court records & gov docs · Tier 2 established outlets · Tier 3 regional & specialty press · Tier 4 opinion or single-source. Methodology →

Cite this entry

The Cascade Ledger. “GAO Audit Reveals Massive $16.1 Trillion in Secret Federal Reserve Crisis Loans.” The Capture Cascade Timeline, December 1, 2011. https://capturecascade.org/event/2011-12-01--gao-reveals-fed-secret-16-trillion-crisis-loans/