Investment firms tapping Fed for billions ($32.9 Billion per day).

[Nitrogenica]

WASHINGTON - Big Wall Street investment companies are taking advantage of the Federal Reserve's unprecedented offer to secure emergency loans, the central bank reported Thursday.

Those firms averaged $32.9 billion in daily borrowing over the past week from the new lending facility, compared with $13.4 billion the previous week. The program, which began last Monday, is part of the Fed's effort to aid the financial system.

On Wednesday alone, lending reached $37 billion.

The Fed, for the first time, agreed on March 16 to let big investment houses temporarily get emergency loans directly from the central bank. This mechanism, similar to one available for commercial banks for years, will continue for at least six months. It was the broadest use of the Fed's lending authority since the 1930s.

http://www.msnbc.msn.com/id/23831591/


$32 Billion per day of OUR money in just the past week? This is completely insane.

That should be a huge headline.

[L. Coyote]

1. SO< is this where all the BIG OIL excess profits went? WHO are we saving here?

[Strelnikov_]

2. And the Fed will be tapped when the local bank, holding the proles money

needs a loan to keep the doors open.

Hold on to your jock straps . . .