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nab and westpacs secret bailout revealed?

  1. 1,182 Posts.
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    great read!
    I'm talking about the near collapse of the Australian banking system in 2008. I'm talking about the likelihood of two Australian banks collapsing in 2008 if they hadn't secured a secret loan from the US Federal Reserve.
    The fact that National Australia Bank [ASX: NAB] had to borrow USD$4.5 billion from the US Federal Reserve during 2008 and 2009.
    And Westpac Banking Corp [ASX: WBC] needed USD$1.09 billion in January of 2008 and 2009.
    What's that, you don't know anything about it?
    And you don't remember reading about it?
    There's a simple reason for that. It's been top secret information until yesterday morning.
    That's right, if it wasn't for the passing of controversial legislation in the United States you'd never have found out about NAB and Westpac's Federal Reserve bail outs.
    And based on the lack of interest from the mainstream press ? including Australia's so-called premium business newspaper, if it wasn't for Money Morning you'd still be none the wiser.
 
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