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"The Fed outsourced virtually all of the operations of their emergency lending programs to private contractors like JP Morgan Chase, Morgan Stanley, and Wells Fargo. The same firms also received trillions of dollars in Fed loans at near-zero interest rates. Altogether some two-thirds of the contracts that the Fed awarded to manage its emergency lending programs were no-bid contracts."

"This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else."
July 21, 2011. The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the US provided a whopping $16 trillion in secret loans to bail out American and foreign...
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