Do you know about - Fed Bank Documents Revealed
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Fed Bank Documents Revealed Video Clips. Duration : 6.52 Mins.We had a good read. For the benefit of yourself. Be sure to read to the end. I want you to get good knowledge from Today Mortgage Rates . WASHINGTON — As financial markets shuddered and then nearly imploded in 2008, the Federal Reserve opened its vault to the world on a scope much wider and deeper than previously disclosed. Citigroup, struggling to stay afloat, sought help from the Fed at least 174 times during one remarkable 13-month period. Barclays, the British bank, at one point owed nearly billion to the Fed. Even better-off banks like Goldman Sachs took advantage of Fed loans offered at rock-bottom rates. The Fed's efforts to stave off a financial crisis reached far beyond Wall Street, touching manufacturers like General Electric, the Detroit automakers and Harley-Davidson, central banks from Britain to Japan and insurers and pension funds in Sweden and South Korea. Under orders from Congress, the Fed on Wednesday released details of more than 21000 transactions under the array of emergency lending programs and other arrangements it conjured up in response to the crisis. The disclosures, which the Fed had resisted, offer the most detailed portrait of a panicky period in which the Fed lent money to banks, brokers, businesses and investors to keep the financial system functioning. The documents show that some of the biggest names in American business were either coming to the Fed in need of a bailout, or trying to make money at a time when the Fed was trying to entice investors back into the markets. Among the latter were prominent investors and entrepreneurs like John A. Paulson and Michael S. Dell ...
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