Following the Obama Administration's engineering of the biggest bank bailout in history, Barney Frank and others in Congress passed the Dodd-Frank resolution that called on the Federal Reserve to reveal just who received what.
Those numbers and recipients were released today. More below the fold
http://www.sfgate.com/...
Dec. 1 (Bloomberg) -- The Federal Reserve, under orders from Congress, today named the counterparties of about 21,000 transactions from $3.3 trillion in aid provided to stem the worst financial panic since the Great Depression.
Bank of America Corp. and Wells Fargo & Co. were among the biggest borrowers from one program, the Term Auction Facility, with as much as $45 billion apiece. Some aid went to U.S. units of foreign institutions, including Switzerland's UBS AG, France's Societe Generale and Germany's Dresdner Bank AG. The Fed posted the data on its website to comply with a provision in July's Dodd-Frank law overhauling financial regulation.
Besides the 3.3 Trillion and the $45 Billion each to the coffers of BOA and Wells Fargo, this particular paragraph caught my eye:
The information, which also includes the amounts of transactions and interest rates charged, spans six loan programs as well as currency swaps with other central banks, purchases of mortgage-backed securities and the rescues of Bear Stearns Cos. and American International Group Inc.
With the current uproar over mortgage backed securities, it will prove interesting to learn if the Fed is on the hook for the bad mortgages now or if the originators will be forced to swallow the losses... leading to another cycle of bailouts?....
Here's the link to the Fed's website and the data trove....
http://www.federalreserve.gov/...