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Pam and Russ Martens: Nomura, JPM, Goldman Sachs got $8 trillion in emergency Fed loans in Q4 2019
By Pam and Russ Martens
Wall Street on Parade
Monday, January 17, 2022
The Dodd-Frank financial reform legislation of 2010 ordered the Government Accountability Office, an investigative body for Congress, to audit the Fed's alphabet soup of emergency lending programs conducted during and after the 2008 financial crisis. The GAO found that a cumulative $16.1 trillion had been pumped out to Wall Street firms by the Fed -- at super-cheap interest rates. The GAO provided data for the peak amounts outstanding and also a cumulative total.
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Asante Gold Announces Significant Gold Intercepts
From Its Near-Mine Exploration Drilling at the Bibiani Gold Mine
Company Announcement
via Globe Newswire and Yahoo Finance
Wednesday, December 15, 2021
VANCOUVER, British Columbia, Canada -- Asante Gold Corp. (CSE: ASE / FRANKFURT: 1A9/ U.S. OTC: ASGOF) announces significant gold intercepts from its ongoing near-mine exploration drill program at its Bibiani Gold Mine in Ghana.
Asante initiated the exploration program in late September 2021. This program includes extensive induced polarization and ground magnetic surveys across the entire lease, RC, and diamond drilling, plus a high-level structural geology review targeting near-mine areas with high potential for new discoveries. The program objective is to grow the resources to be included in our comprehensive mining plan being prepared for the second quarter of 2022, with plant startup scheduled for the third quarter of 2022.
The company is pleased to report early results from the Walsh Satellite pit:
-- WADD21-002: 18 meters @ 3.85 g/t Au from 141 meters, including 16 meters @ 4.22 g/t Au.
-- WADD21-005: 12 meters @ 4.41 g/t Au from 174 meters.
-- WADD21-004: 8 meters @ 4.8 g/t Au from 137 meters.
-- WADD21-007: 4 meters @ 7.49 g/t Au from 170 meters.
-- WADD21-010: 3 meters @ 5.17 g/t Au from 187 meters
-- WADD21-003: 3 meters @ 5.96 g/t Au from 140 meters; 3 meters @ 4.60 g/t Au from 160 meters.
The results confirm the extension and grade continuity of the mineralization beneath the current US$1,500 design shell. These recent assay results improve the existing deposit model and will support an update of the Walsh mineral resource estimate. We anticipate adding ounces to the existing resource. Follow-up drilling is continuing, focusing on deepening and extending the Walsh Pit to its economic limit. ...
... For the remainder of the announcement:
https://finance.yahoo.com/news/asante-gold-announces-significant-gold-145900306.html
Why is a cumulative total essential and relevant?
Because one institution in 2008, Citigroup, was insolvent for much of the time the Fed was flooding it with cheap loans. Under law, the Fed is not allowed to make loans to an insolvent institution.
And when an insolvent institution is getting loans rolled over and over by the Fed for a span of two and a half years, at interest rates frequently below 1% when the market wouldn't loan it money at even double-digit interest rates, it's highly relevant to know the cumulative tally of just how much Citigroup got from the Fed.
According to the GAO, that tally came to $2.5 trillion for just some of these Fed loan programs.
The academic scholars that compiled the Fed's loans during the financial crisis for the Levy Economics Institute also provided cumulative tallies. Their tally, which included additional Fed bailout programs not included by the GAO, came to $29 trillion. ...
... For the remainder of the report:
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