POLITICAL: Why are we funding foreign banks?

http://www.ft.com/cms/s/0/69728262-11ec-11e0-92d0-00144feabdc0.html#axzz19QtftOot

Non-US banks gain from Fed crisis fund
By Robin Harding in Washington, Bernard Simon in Toronto and Christian Oliver in Seoul
Published: December 27 2010 22:04 | Last updated: December 27 2010 22:04

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The Taf was set up in December 2007 to provide one-month loans to creditworthy banks as markets dried up for lending longer than overnight. In August 2008, it began offering three-month loans as well.

Rabobank of the Netherlands and Toronto-Dominion of Canada, two of the only banks in the world with triple A credit ratings, used more than $20bn in cumulative Taf loans.

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One of the problems that have to be addressed is: “why is the US taxpayer funding foreign banks?”

Personally, I don’t think the taxpayer should be funding ANY bank. But certainly not foreign ones.

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