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Wednesday
Dec012010

Federal Reserve Details Massive $3.3 Trillion in Crisis Lending

Photo Courtesy - Getty Images(WASHINGTON) -- The Federal Reserve, in an unprecedented move required by the Dodd-Frank financial reform legislation, provided details of which banks and firms took advantage of a series of lending programs during the financial crisis.
 
Details of some $3.3 trillion in loans were posted to the Federal Reserve’s website early Wednesday afternoon. The data covers 21,000 lending transactions in the programs from December 2007 to July 2010.
 
In the data, Fed watchers can see which firms accessed the programs and how much lending these firms accessed. As one might expect, big banks were some of the most prolific users of the Fed’s largesse. But dozens of “Main Street” companies like McDonald's, Verizon, Harley-Davidson and General Electric also accessed the Fed lending programs. Even large foreign banks took out Fed loans -- through their US subsidiaries.
 
“After years of stonewalling by the Fed, the American people are finally learning the incredible and jaw-dropping details of the Fed’s multi-trillion-dollar bailout of Wall Street and corporate America,” said Senator Bernie Sanders, I-Vt., in a post-release statement. “Perhaps most surprising is the huge sum that went to bail out foreign private banks and corporations. As a result of this disclosure, other members of Congress and I will be taking a very extensive look at all aspects of how the Federal Reserve functions.”

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