Thursday, December 2, 2010

Fed Names Recipients of $3.3 Trillion in Crisis Aid

The American public won't like the fact that hundreds of billions went to bail out foreign institutions and companies.  But then again, the American public won't care until it's too late.

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.

No comments:

Post a Comment