All Commentary
Monday, August 22, 2011

Wall Street Aristocracy Got $1.2 Trillion in Loans


By 2008, the housing market’s collapse forced [Citibank and Bank of America] companies to take more than six times as much [as record 2006 profits], $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. “ (Bloomberg.com)

And this was months before TARP, and QE, and QEII . . .

FEE Timely Classic

The Financial Bailouts: ‘See the Needle and the Damage Done’”by Lawrence H. White