Secret Federal Reserve Loans: Wall Street's Biggest Banks Got $1.2 TRILLION

Federal Reserve Bank Loans

First Posted: 08/22/11 11:45 AM ET Updated: 10/22/11 06:12 AM ET


Fed Chairman Ben S. Bernanke’s unprecedented effort to keep the economy from plunging into depression included lending banks and other companies as much as $1.2 trillion of public money, about the same amount U.S. homeowners currently owe on 6.5 million delinquent and foreclosed mortgages. The largest borrower, Morgan Stanley (MS), got as much as $107.3 billion, while Citigroup took $99.5 billion and Bank of America $91.4 billion, according to a Bloomberg News compilation of data obtained through Freedom of Information Act requests, months of litigation and an act of Congress.

Read the whole story: Bloomberg


Filed by Daniel Tencer  |