QE2 proceeds all went to US branches of European banks?

[Delawhere Jack]

What do you all make of this?

http://www.zerohedge.com/article/exclusive-feds-600-billion-stealth-bailout-foreign-banks-continues-expense-domestic-economy-

The thumbnail is that the Fed has used QE2 to bolster the cash reserves of European banks to prepare them for defaults by one or more of the PIIGS. Meanwhile, US banks are still not lending which is having negative consequences for the US economy.