March 31 (Bloomberg) -- The Federal Reserve released thousands of pages of secret loan documents under court order, almost three years after Bloomberg LP first requested details of the central bank’s unprecedented support to banks during the financial crisis.
The records reveal for the first time the names of financial institutions that borrowed directly from the central bank through the so-called discount window. The Fed provided the documents after the U.S. Supreme Court this month rejected a banking industry group’s attempt to shield them from public view.
http://www.businessweek.com/...
Yes, its been the subject of many a diary here! We got those banksters now! The Supremes have ordered the release of loan data by the bank to back all banks!
The Anonymous emails on Bank of America were a fucking dud but we got them this time!
Now of course the Fed is audited by Deloitte and Touche but data is not released at the transactional level!
So what does this data dump say?
Lending through the discount window soared to a peak of $111 billion on Oct. 29, 2008, as credit markets nearly froze in the wake of the bankruptcy on Sept. 15, 2008, of Lehman Brothers Holdings Inc. While the loans provided banks with backstop cash, the public has never known which banks borrowed or why. Fed officials say all the loans made through the program during the crisis have been repaid with interest.
What? $111 billion?
Bloomberg - you are dimming my buzz!
And what now?
Now there is a paltry $1.1 billion outstanding on these loans?
Get outta here!
Are you telling me the fucking system worked?
I don't believe it!
So what does the NY Times say?
Day after day in late October and early November, near the high-water mark of the Fed’s efforts to rescue Wall Street, the central bank also made dozens of similarly modest loans to small banks in communities across the country.
Some banks, like Howard Bank, a suburban lender with four offices outside Baltimore, borrowed as little as $1,000 — a fire drill in case things got worse.
Other borrowers already were facing dire problems. Several have since failed, including La Jolla Bank in Southern California, which took $6 million.
The Fed released a complete list Thursday of banks that borrowed during the crisis from its discount window, its oldest and broadest emergency lending program. The central bank already released similar information for its other lending programs.
http://www.nytimes.com/...
You mean the Fed was helping Main Street banks too?
Fuck - "true progressive" stereotypes are dying!!!!!