Federal Reserve names banks that drew loans during crisis

[OhioChick]

Source: AP

Thursday, March 31, 2011, 3:00 PM

WASHINGTON -- For the first time in its 98-year history, the Federal Reserve on Thursday identified banks that borrowed from its oldest lending program, naming those that drew emergency loans during the financial crisis.

The Fed was forced to make the information public after the Supreme Court rejected a bid by major banks to keep it secret.

The central bank lent up to $110 billion through its emergency "discount window" at the height of the crisis. At the time, banks were turning to the Fed as a lender of last resort because their credit had frozen up. The Fed argued then that naming banks that used its discount window could cause a run on them, endangering the institutions and defeating the program's purpose.

The documents released Thursday provided details about which banks borrowed from the program from August 2007 through March 2010. Big U.S. banks, such as Wachovia and Morgan Stanley, took out short-term loans of $6 billion and $1.25 billion, respectively, in the fall of 2008, the documents showed.

Read more: http://www.cleveland.com/business/index.ssf/2011/03/federal_reserve_names_banks_th.html

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Download list on site.

[ChromeFoundry]

1. "Some of the largest foreign banks used the program, too. ""

"Barclay's borrowed $1 billion."

Interesting. Have to check out the list to see how much $$ foreign banks borrowed on our dime.

[crickets]

2. Prepare for a long download.

It took several minutes to DL the file. It's not a list per se, it's a collection of pdf files. Many pdf files.

[OhioChick]

4. No kidding. Many, many pdf files..... n/t

[florida08]

3. Have been wondering about this

Thanks OhioChick. Am downloading the list for a later looksee. Appreciate the post. Had heard they were going to the fed's window long before T.A.R.P

[Gin]

5. how do we know the loans have been paid back? I know the FED

tells us that...but what is the proof?

[valerief]

6. I think it has to be taken on faith, like our electronic voting system. nt

[lunatica]

7. LOL! Take them on faith?!

Actually it's more like Cry Out Loud (COL)

[florida08]

8. yes..what is the proof?

And did they rob from peter to pay paul?

[sarcasmo]

9. Didn't see any Credit Unions mentioned, put you're money (if you have any)

in a Credit Union. Make the big banks obsolete.