Federal Reserve directors influence the Fed to directly benefit their own corporations and themselves.
The Fed unilaterally provided a total $16 Trillion in secret loans to foreign banks and corporations from South Korea to Scotland.
The Fed even issued conflict of interest waivers to its employees who keep investments in the same financial institutions that are given emergency loans.
For example, the CEO of JP Morgan Chase served on the New York Fed's board of directors at the same time that his bank received more than $390 billion in financial assistance from the Fed. Moreover, JP Morgan Chase served as one of the clearing banks for the Fed's emergency lending programs.
In September 2008 the New York Fed president, William Dudley, was granted a waiver that let him keep his large personal investments in AIG and General Electric while AIG and GE were given bailout funds taken directly from the US taxpayer.
The Fed issued no-bid contracts to outsource operation of the near-zero interest rate bailout loans to many of the same firms that received the bailout: JP Morgan Chase, Morgan Stanley, and Wells Fargo.
Emergency loans issued to the following institutions:
- Citigroup: $2.5 trillion ($2,500,000,000,000)
- Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
- Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
- Bank of America: $1.344 trillion ($1,344,000,000,000)
- Barclays PLC (United Kingdom): $868 billion ($868,000,000,000)
- Bear Sterns: $853 billion ($853,000,000,000)
- Goldman Sachs: $814 billion ($814,000,000,000)
- Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
- JP Morgan Chase: $391 billion ($391,000,000,000)
- Deutsche Bank (Germany): $354 billion ($354,000,000,000)
- UBS (Switzerland): $287 billion ($287,000,000,000)
- Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
- Lehman Brothers: $183 billion ($183,000,000,000)
- Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
- BNP Paribas (France): $175 billion ($175,000,000,000)