Monday, August 22, 2011

$1.2 Trillion In Secret Loans From Fed

Citigroup Inc. (C) and Bank of America Corp. (BAC) were the reigning champions of finance in 2006 as home prices peaked, leading the 10 biggest U.S. banks and brokerage firms to their best year ever with $104 billion of profits.
By 2008, the housing market’s collapse forced those companies to take more than six times as much, $669 billion, in emergency loans from the U.S. Federal Reserve. The loans dwarfed the $160 billion in public bailouts the top 10 got from the U.S. Treasury, yet until now the full amounts have remained secret.-Wall Street Aristocracy Got $1.2 Trillion From Fed


Staggering numbers, analysts say, which bring into perspective just how out of control banks, corporations and financial institutions were -- during the worldwide economic meltdown.

Half of the biggest borrowers were foreign banks.


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