Posted on 12/01/2010 2:38:54 PM PST by Toddsterpatriot
WASHINGTON (AP) -- The Federal Reserve revealed details Wednesday of trillions of dollars in emergency aid it provided to U.S. and foreign banks during the financial crisis.
New documents show that the most loan and other aid for U.S. institutions over time went to Citigroup ($2.2 trillion), followed by Merrill Lynch ($2.1 trillion), Morgan Stanley ($2 trillion), Bank of America ($1.1 trillion), Bear Stearns ($960 billion), Goldman Sachs ($620 billion), JPMorgan Chase ($260 billion) and Wells Fargo ($150 billion). Many of the individual loans they took were worth billions and had short durations but were paid back and renewed many times.
Merrill Lynch was later acquired by Bank of America, while Bear Stearns collapsed and was sold to JPMorgan.
Among the largest foreign bank recipients were Bank of England, Swiss National Bank, Barclays and Bank of Japan.
The documents are a reminder of how crippled the financial system had become during the crisis and how much it's recovered since. Banks earned $14 billion from July through September this year.
(Excerpt) Read more at finance.yahoo.com ...
Holly Crap!!!When is this going to end?
The lending programs had never been used before and are now defunct. Most of the loans have been repaid, and none are overdue, Fed officials say.
“Many of the individual loans they took were worth billions and had short durations but were paid back and renewed many times.”
I did not know than and stand corrected, Thanks.
than = that.
Must be nice to use the govt checkbook for overdraft protection. I wonder when the rest of us will be allowed to do that.
The lending programs had never been used before and are now defunct. Most of the loans have been repaid, and none are overdue, Fed officials say.
Two other recipients were the California State Teachers Retirement System and the City of Bristol (Connecticut) General City Retirement Fund.
California State Teachers Retirement System and the City of Bristol (Connecticut) General City Retirement Fund along with AIG should a audited
bttt
“The lending programs had never been used before and are now defunct. Most of the loans have been repaid, and none are overdue, Fed officials say.
Two other recipients were the California State Teachers Retirement System and the City of Bristol (Connecticut) General City Retirement Fund.
California State Teachers Retirement System and the City of Bristol (Connecticut) General City Retirement Fund along with AIG should a audited”
Good points.
Key words in that sentence Many and Most were paid back we lost Billions on AIG and Citi Bank! Not to mention the Banks got to sell the FED Fannie/Freddie loans and we know how well that is working out we the taxpayers are on the hook there too!
“Key words in that sentence Many and Most were paid back we lost Billions on AIG and Citi Bank! Not to mention the Banks got to sell the FED Fannie/Freddie loans and we know how well that is working out we the taxpayers are on the hook there too!”
Wow thanks for that reply.
We did? You have any backup for that claim?
Not to mention the Banks got to sell the FED Fannie/Freddie loans and we know how well that is working out we the taxpayers are on the hook there too!
The taxpayers are on the hook, whether these were held by the banks, by the Fed or by you.
$30 Billion AIG
The price to taxpayers of the bailouts and financial rescue of 2008 and 2009 continues to fall sharply. In figures to be released later today, the Treasury Department will report that the final net cost of the TARP is expected to be about $50 billion,Yahoo! Finance has learned. Add in expected returns from Treasury’s interest in insurance company AIG, and the final net cost will be closer to $30 billion.
Well if you believe our tax cheat timmy that is because he pulled a fast one...
U.S. Treasury too rosy on bailout cost - TARP cop
http://www.reuters.com/article/idUSN2527821320101025
Taxpayers Lose $2.3 Billion with CIT Bankruptcy
CIT filed for bankruptcy protection on Sunday, and part of its plan to heal itself is wiping out the taxpayers’ $2.33 billion stake in the company.
http://www.propublica.org/article/taxpayers-lose-2.3-billion-with-cit-bankruptcy
Fannie, Freddie may need $215 billion more in aid
http://finance.yahoo.com/news/Fannie-Freddie-may-need-215-rb-2323937639.html?x=0
Your link shows, "If it succeeds, Treasury will ultimately see gains of $16 billion on its holdings in AIG"
Taxpayers Lose $2.3 Billion with CIT Bankruptcy
Every time I see you mention CIT, I tell you that CIT is not related to CITI.
Fannie, Freddie may need $215 billion more in aid
The government should have removed the guarantee from Fannie and Freddie decades ago.
Really which link the one where tax cheat timmy lies or the one where the non partisan bailout watchdog says it is really $50 billion we are losing.
So until they pay us back I think I’ll take the figures shown and you can let me know if they ever do pay us back.
Do you work for a bank? You constantly defend them well you know what I could care less they are Welfare Queens costing us money and they should have been allowed to fail just like any other business talk about the govt. picking winners and losers and they donated heavily to obama to boot.
Note NOW OWNED by the taxpayers on Fannie/Freddie NOW not before so they really soaked us with this...
Forgot to mention too the Banks offloaded another $1.1 Trillion onto the Fed even foreign banks got into the action
The measure, initiated in Jan. 2009 to stimulate the flow of credit and keep household borrowing costs low, led the nation’s central bank to purchase more than $1.1 trillion in mortgages packaged into the form of securities. The mortgage bonds are backed by Fannie Mae and Freddie Mac, the twin mortgage giants now owned by taxpayers.
Deutsche Bank, a German lender, has sold the Fed more than $290 billion worth of mortgage securities, Fed data through July shows. Credit Suisse, a Swiss bank, sold the Fed more than $287 billion in mortgage bonds.
The one with $30 billion in the title.
So until they pay us back I think I’ll take the figures shown
The figure that shows the gain, right.
You constantly defend them
By pointing out your errors? By asking for a link?
I could care less they are Welfare Queens costing us money
Yes, Fannie and Freddie are costing us a bundle.
Forgot to mention too the Banks offloaded another $1.1 Trillion onto the Fed even foreign banks got into the action
Yes, the Fed bought lots of Fannie and Freddie bonds.
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