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Hartzman’s Wells Fargo Whistleblower Filing: Part Four

“...Wells Fargo bought Wachovia Corp., ...because depositors were pulling their money from Wachovia, the Fed channeled $50 billion in secret loans…through two emergency-financing programs to prevent collapse before Wells Fargo could complete the purchase.“These programs proved to be very successful at providing financial marketsthe additional liquidity and confidence they needed at a time of unprecedented uncertainty,” says Ancel Martinez, a spokesman for Wells Fargo.”...banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates......the Fed and its secret financing helped America’s biggest financial firms …pay...

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Published By: Hartzman's Inquisition - Friday, 15 June, 2012