Ford, BMW, Toyota Took Secret Government Money

[f1reverb]

Full story . . .

http://jalopnik.com/5704575/ford-bmw-toyota-took-secret-government-money?skyline=true&s=i

In the depths of the financial collapse, the U.S. Federal Reserve pumped $3.3 trillion into keeping credit moving through the economy. It eventually lent $57.9 billion to the auto industry — including $26.8 billion to Ford, Toyota and BMW.

The Fed on Wednesday was forced to reveal the identity of the companies it aided during the crisis, after contending to Congress that keeping their identities and the details of such lending secret was essential. Much of Wall Street, and corporate giants such as General Electric, Harley Davidson and McDonald's, took advantage of the Fed's help. We've done the math on how the Fed propped up the auto industry.

[EscapeArtist]

The Fed is totally out of control - crony capitalism at its worst. And there are still billions in secret loans that we don't know about.

[Harv]

Not defending or poo pooing anything here but the name of the article and the way it's written is very misleading. These are the financial branches of these companies.

They sell a car, finance the car, sell the loan to get the cash now.

That's the way it has always been done since we borrowed from the Dutch in the 1700's.

The problem is when all the other shit started hitting the fan no one wanted to purchase the "good" loans. This gave the respective banks some money till there was a glimmer of stability and then the money was payed back.

I guess there is still 2 billion outstanding at the time of the article but I'm sure that has been caused by Blunt undercutting all the dealers.

Just my best guess

John