The Fed’s Crisis Lending: A Billion Here, a Thousand There
For more: http://nyti.ms/dEhWNa
The Federal Reserve’s huge lending programs, which saved Wall Street in the fall of 2008, also benefited a wide range of other financial companies, including community banks, credit unions and foreign banks, according to documents released by the central bank on Thursday. Hundreds of small banks borrowed modest amounts of cash in 2008 and 2009, ranging from $1,000 to several million dollars, from an emergency loan program known as the discount window.