Bank of America and the NY Fed
Most people have their own thoughts on what started the recession in 2008, but there’s a general acknowledgement that banks and mortgage lenders were responsible for a large part of it. Under-qualified home buyers were being granted mortgages that they ultimately weren’t able to pay back, causing a huge crash that crippled the economy. Many companies decided to retaliate and seek lawsuits against big banks, thinking they would have a strong case. But as AIG recently found out, the government sided with the lenders, ultimately granting a bailout and dismissing one from a great deal of liability. Continue reading “Bank of America secretly bailed out by Federal Reserve”