Fed made $9 trillion in emergency overnight loans
By Chris Isidore, senior writer December 1, 2010: 6:05 PM ET
NEW YORK (CNNMoney.com) -- The Federal Reserve made $9 trillion in overnight loans to major banks and Wall Street firms during the financial crisis, according to newly revealed data released Wednesday.
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 to keep the nation's bond markets trading normally.
The amount of cash being pumped out to the financial giants was not previously disclosed. All the loans were backed by collateral and all were paid back with a very low interest rate to the Fed -- an annual rate of between 0.5% to 3.5%.
Still, the total amount was a surprise, even to some who had followed the Fed's rescue efforts closely.
"That's a real number, even for the Fed," said FusionIQ's Barry Ritholtz, author of the book "Bailout Nation." While the fact that the markets were in trouble was already well known, he said the amount of help they needed is still surprising
READ THE REST HERE http://money.cnn.com/2010/12/01/news/economy/fed_reserve_data_relea...
NEW YORK (CNNMoney.com) -- The Federal Reserve made $9 trillion in overnight loans to major banks and Wall Street firms during the financial crisis, according to newly revealed data released Wednesday.
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 to keep the nation's bond markets trading normally.
The amount of cash being pumped out to the financial giants was not previously disclosed. All the loans were backed by collateral and all were paid back with a very low interest rate to the Fed -- an annual rate of between 0.5% to 3.5%.
Still, the total amount was a surprise, even to some who had followed the Fed's rescue efforts closely.
"That's a real number, even for the Fed," said FusionIQ's Barry Ritholtz, author of the book "Bailout Nation." While the fact that the markets were in trouble was already well known, he said the amount of help they needed is still surprising
READ THE REST HERE http://money.cnn.com/2010/12/01/news/economy/fed_reserve_data_relea...
Comment
"Destroying the New World Order"
THANK YOU FOR SUPPORTING THE SITE!
Latest Activity
- Top News
- Everything
What They Told Us About Health and Now it’s Completely Reversed?
Remember growing up that they told us all of these rules of thumb when it came to your…See More
G99Gt39XEAAyu6Y
"Judges with bad judgement should be working somewhere else. When political affiliation surpasses…"
"Less Prone, this Carlos guy has a unique artistic approach but it's not proof. There's…"
KILL THE MESSENGER - Hero Journalist Featurette - In Theaters Friday
In this featurette “Gary Webb: Hero Journalist,” Jeremy Renner (Webb), director Michael Cuesta, Sue Webb and others explore the real man, investigative journ...
"Yes. One of their functions is distraction, but they also bring chaos and crime and change…"
A Masterclass Is Being Played Out For Those Who Have The Eyes To See
A question can be asked, why do Jews want a multicultural community in a host society? It is to…See More
City of Joel - Official Trailer
Now Available on Digital - http://bit.ly/2uxDibn50 miles north of New York City, the town of Monroe is a microcosm for a hyper-partisan and divided nation as...
"Less Prone excellent points and I've seen that video too. Very informative! "
"Less Prone thanks for your support! "
"Less Prone, you are exactly right! They have been harvesting fetal tissue in vaccines for quite…"
© 2026 Created by truth.
Powered by
You need to be a member of 12160 Social Network to add comments!
Join 12160 Social Network