NAB and Westpac almost collapsed during the GFC

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Did you know that the NAB and Westpac almost collapsed during the GFC and had to be bailed out by the US Treasury?

No? Well, it's true.

Both banks were bailed out by the US — receiving several billion dollars each because they were facing massive liquidity and solvency problems. This was cofirmed by a Senate Committee investigation in 2010. Of course, it wasn't reported in the mainstream press — which, if not corrupt, is highly incompetent and easily deceived.

Here’s what Kris Sayce from MoneyMorning Australia said in the introduction to an article about this alarming development, and its subsequent cover-up:

If you haven’t found the time to read the transcripts from the Senate economics select committee I suggest you find the time.

Simply because comments from two National Australia Bank [ASX: NAB] executives confirm – that’s right, confirm – everything we’ve written about NAB’s secret bailouts in 2008 and 2009.

You can download the transcript by clicking here.

We told you the banks need the loans because they faced a massive liquidity and solvency problem.

Our critics said we were talking rubbish. That we had finally lost our marbles.

They tried to say NAB was just being cheeky. That is was snaffling Federal Reserve loans on the cheap. They said NAB did what any back should do, take the opportunity to borrow low and lend high.

We countered the argument by explaining how bank borrowing works. How banks have to roll over debt on a regular basis. If there’s a problem with rolling the debt over, then, well, it can leave a bank in the lurch.

We showed you how NAB and Westpac [ASX: WBC] had stood hunched shoulder to hunched shoulder with other troubled banks. Banks such as Royal Bank of Scotland, LloydsTSB, Citibank and ABN Amro.

Believe me, the admission I’ll show you in a moment is dynamite. It’s an admission straight from the horses’ mouths. That the Australian banking system was in dire trouble in late 2008.

Yet where is the Australian mainstream press on this story?

Good question. Nowhere. The mainstream press conspired with the banks and regulators to sweep the secret loans scandal under the carpet. And now they’ve done the same with the Senate committee statements.

Read the rest of this exposé by clicking here.

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