Quantcast
Published On: Sun, Dec 5th, 2010

Federal Reserve loans $9 trillion to banks ‘it’s an emergency’

The Federal Reserve, America’s central bank, made $9 trillion in loans to major banks and Wall Street firms according to newly released information.

Wednesday’s data revealed the loans were made through a special loan program set up by the Fed in the wake of the Bear Stearns collapse in March 2008.

Senator Bernie Sanders, who had authored the provision of the financial reform law that required Wednesday’s disclosure, called the data that was released incredible and jaw-dropping.

“The $700 billion Wall Street bailout turned out to be pocket change compared to trillions and trillions of dollars in near zero interest loans and other financial arrangements that the Federal Reserve doled out to every major financial institution.” – Sanders, quoted by CNNmoney.

Merrill Lynch received $2.1 trillion
Citigroup – $2 trillion
Morgan Stanley – $1.9 trillion

The largest single loan: Barclays Capital, which borrowed $47.9 billion on Sept. 18, 2008, in the days after the Lehman bankruptcy. The loan financed Barclays’ purchase of Lehman’s remaining assets.

money on fire

photo: TaxRebate.org.uk

Finding the Right Credit Broker for You

5 Best Business Loans for Your Hotel

Brim Financial continues to evolve its credit cards rewards program with the launch of its new Brim eShop

Trump agrees to budget deal, ensures 2 more years of massive spending

Installment Loans For Bad Credit

On the DISPATCH: Headlines  Local  Opinion

Subscribe to Weekly Newsletter

* indicates required
/ ( mm / dd ) [ALL INFO CONFIDENTIAL]

About the Author

- Stories transferred over from The Desk of Brian where the original author was not determined and the content is still of interest of Dispatch readers.

Tags

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Sign up for our Weekly Newsletter



Recent Posts

6 Steps to Take to Prepare Your Property for Rental

August 11, 2022, Comments Off on 6 Steps to Take to Prepare Your Property for Rental

How to Improve Your Chances of Winning a Personal Injury Case

August 11, 2022, Comments Off on How to Improve Your Chances of Winning a Personal Injury Case

Ideas To Orchestrate The Most Romantic Marriage Proposal

August 11, 2022, Comments Off on Ideas To Orchestrate The Most Romantic Marriage Proposal

How the most trusted online pharmacy in the USA works

August 11, 2022, Comments Off on How the most trusted online pharmacy in the USA works

A Beginner’s Guide to Recovering from Addiction

August 4, 2022, Comments Off on A Beginner’s Guide to Recovering from Addiction

Four Steps to Improving Your Skills as a Banjo Player

August 3, 2022, Comments Off on Four Steps to Improving Your Skills as a Banjo Player

The Rise Of South Korea’s Medical Tourism

August 2, 2022, Comments Off on The Rise Of South Korea’s Medical Tourism

5 Super Foods Health Professionals Like Dr. Ryan Shelton of Zenith Labs Can Stand Behind

August 2, 2022, Comments Off on 5 Super Foods Health Professionals Like Dr. Ryan Shelton of Zenith Labs Can Stand Behind

Categories

Archives

At the Movies

Pin It