Quote:
Originally Posted by BFT3K
Maybe, but are they really disconnected?
National Australia Bank [ASX: NAB] borrowed USD$4.5 billion from the US Federal Reserve and Westpac Banking Corp [ASX: WBC] borrowed USD$1.09 billion in January of 2008 and 2009. Westpac and NAB needed the loans because they were on the verge of bankruptcy. If they hadn?t gotten secret loans from the US Fed they would undoubtedly have needed secret loans from the Reserve Bank of Australia (RBA). However, the Fed opened the door and this allowed Aussie central bankers and bankers to claim that they hadn?t received a bailout.
More here...
http://www.avaaz.org/en/petition/AUD..._RBA/?cElsndb/ |
That's been widely rebuffed, in any case, there's nothing unusual about Private Banks borrowing from all sorts of places. The Reserve Bank however is an independent statutory authority and everything is on the public record. The AVAAZ petition is misleading as it fails to point out that very fact.
Private banks like NAB and Westpac are no different from any other private bank but very different from the RBA which is government owned and controlled.
However none of that will satisfy conspiracy loonies who will always find some conspiracy in anything.