The Federal Reserve had secrety committed $7.77 trillion as of March 2009 to rescue the financial system.
The Fed fought for more than 2 years to keep details of the largest bailout in U.S. history a secret and didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Also, the Banks didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates.
WILLIAM STICKEVERS 